Restaurant and pub operator Restaurant Group said sales for the 43 weeks to October 28th rose 8.25 per cent on the previous year despite tough high street conditions.
The Frankie & Benny's restaurant chain operator said it has continued to make good progress with like-for-like (LFL) sales 3.5% ahead of last year.
"Since our interim announcement at the end of August, the group has continued to trade strongly, with consistent like-for-like sales growth in both September and October. We remain on track to meet expectations for the full year," said the Garfunkel's chain owner.
Subscribe to 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
Restaurant Group opened 16 new sites in 2012 to date, including an American-themed restaurant, Coast to Coast at Brighton Marina. The group said they are performing well and are set to deliver strong returns.
Across the group, it expect to open a total of between 26 and 29 new restaurants in 2012 and says it has a good pipeline developing for 2013 and beyond.
Restaurant Group said its balance sheet position remains very solid with continuing strong cash generation, which will allow the group to continue to invest in its existing portfolio and open new restaurants whilst continuing to reduce its net debt.
"TRG has a distinct market positioning with strong brands and great value-for-money offerings and a superb pipeline of new sites," the group added.
CJ
-
Adidas, Nike or Jordans - could collectable trainers make you rich?The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
-
Early bird ISA investors flock to global funds, India and the USThere’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
