Shares of Frankie & Benny's restaurant chain operator, Restaurant Group rocketed after it said since the end of February it has seen a significant uplift in sales with good growth in March, April and May to date.
it is trading in line with expectations and is on track to report a strong first half performance.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
During the first 19 weeks the group has opened one new Frankie & Benny's restaurant, two new Garfunkel's and one new Pub restaurant. These sites are trading well and are set to deliver strong returns, it said in a statement.
In total its expects to open between 25 and 30 new restaurants this year with a strong pipeline developing for 2013 and beyond.
It said the group's balance sheet remains strong and continues to benefit from good cash generation from its operations.
CJ
-
Small UK industrial stocks are hidden gemsOpinion Ed Wielechowski of the Odyssean Investment Trust highlights three of his favourite British small-cap industrial stocks
-
Aurora Innovation is running on empty – is it overvalued?Aurora Innovation, a maker of self-driving trucks, may have promised far more than it can deliver
