Restaurant Group expects tricky trading conditions to continue
Restaurant and pub operator Restaurant Group said it expects profit for the 52 weeks to December 30th to come in a touch ahead of most market forecasts but cautioned that trading conditions in 2012 are likely to persist in 2013.
Restaurant and pub operator Restaurant Group said it expects profit for the 52 weeks to December 30th to come in a touch ahead of most market forecasts but cautioned that trading conditions in 2012 are likely to persist in 2013.
"Looking forward, whilst we anticipate similar economic conditions to 2012, our efforts will be focused on delivering further profitable progress in 2013," the group said in a statement.
Annual turnover climbed 9% from the previous year and like-for-like sales increased 4.5%. The Frankie & Benny's restaurant chain operator said operating margins for 2012 are expected to be at a similar level as 2011.
CEO Andrew Page said the group delivered a strong performance in 2012, "notwithstanding some tricky conditions for consumer-facing businesses."
"Last year the TRG team worked relentlessly to deliver a great performance and the focus is now directed towards delivering further good progress in 2013."
New openings were ahead of the previous year with 28 restaurants opened in 2012. It expects to open between 28-35 new sites in 2013.
CJ