9th Jan 2008 07:00
Restaurant Group PLC09 January 2008 The Restaurant Group plc ("TRG" or "the Group") Post-close update The Restaurant Group reports that it has experienced good trading for the 52weeks to 30 December 2007, with full year like-for-like sales up 5.5% (2006:+5%). Following a very strong like-for-like sales performance for the firstthree quarters of 2007, like-for-like sales growth in the final quarter of 2007was more subdued at +1% (2006: +7%). Against a background of more demandingcomparatives for the final quarter and a tighter consumer market, the Groupachieved growth for each month from October to December. Trading during theChristmas period was solid. The Group plans to report full year results on 5 March 2008 and these areexpected to be in line with management expectations and in line with themid-range of current market forecasts. TRG opened 36 new restaurants during 2007 of which 34 were Leisure brands andtwo were Concessions. Initial trading from the new openings has been veryencouraging. In October we acquired Brunning and Price's pub restaurant businessand have been very pleased with its performance since acquisition. The Group remains in a sound financial position. We have recently completed arefinancing exercise as part of our normal financing arrangements and now havecommitted banking facilities of £120 million for five years until December 2012,on improved terms to the previous facility. Andrew Page, Chief Executive of TRG said: "The Group has traded well during 2007 with a 5.5% increase in like-for-likesales and good growth in both of our divisions. Following on from like-for-likesales growth of 5% in 2006, and against a more subdued economic backdrop, thisis a good performance and a credit to our team. Although we anticipate tighterconsumer conditions during 2008, we believe that the clear focus on our twodistinct market segments, our robust business model and our value propositionwill continue to benefit the Group". 9 January 2008 There will be an Analyst conference call at 7:10am this morning (9 January2008). Participants should dial +44 (0)1452 555 566 and quote Conference ID30313901 to join The Restaurant Group conference call. ENQUIRIES: The Restaurant Group plc Tel: 0845 612 5001Andrew Page, Chief ExecutiveStephen Critoph, Group Finance Director College Hill Tel: 020 7457 2020Matthew Smallwood Notes for Editors: 1) This statement is based on information sourced from management accounts. 2) Certain statements made in this announcement are forward-lookingstatements. Such statements are based on current expectations, and by theirnature, are subject to a number of risks and uncertainties that could causeactual results and performance to differ materially from any expected futureresults or performance expressed or implied by the forward-looking statement.The information does not assume any responsibility or obligation to updatepublicly or revise any of the forward-looking statements contained herein. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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