Restaurant Group beefs up expansion as sales rise

Restaurant and pub operator Restaurant Group said trading for the first 19 weeks of its financial year has been strong and it is on track to report a 'very satisfactory' first half performance.

Restaurant and pub operator Restaurant Group said trading for the first 19 weeks of its financial year has been strong and it is on track to report a 'very satisfactory' first half performance.

The Frankie & Benny's restaurants operator said total sales rose 11% in the 19 week period from the same period last year while like-for-like (LFL) sales were up 4.5%.

During the period the group opened two new Frankie & Benny's restaurants and one new Pub restaurant. Restaurant Group said these sites are trading well and are set to deliver good returns.

"In total we expect to open between 30 and 35 new restaurants this year, most of which will be in the second half and at least half of these will be Frankie and Benny's. Looking further forward the new site pipeline for 2014 and beyond is better than we have seen for a number of years," it said in a company update.

The performance of its new Coast to Coast restaurants has been 'particularly pleasing' and expects to open a further 4-5 sites in 2013, it said.

The group said it is trading in line with expectations, margins have improved and are on track for good first half results.

A final dividend of 7.3p per share has been recommended in respect of the year ended December 30th 2012. This makes a full year dividend of 11.8p per share, up 12% on the previous full year's dividend.

CJ

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021