Brief: Restaurant Group Says Trading Performance Supports Moderate Increase In FY23 Adjusted EBITDA Expectations

Restaurant

06/09/2023 07:14

Sept 6 (Reuters) - Restaurant Group PLC  RTN.L :
    * INCREASE IN MANAGEMENT EXPECTATIONS FOR FY23 EBITDA AND
EXCELLENT PROGRESS IN EXECUTING MEDIUM-TERM PLAN
    * CONTINUE TO ACTIVELY EXPLORE STRATEGIC OPTIONS TO FURTHER
ACCELERATE MARGIN ACCRETION AND DELEVERAGING
    * FY23 COSTS IN LINE WITH PREVIOUS EXPECTATIONS AND
MEDIUM-TERM
COST OUTLOOK CONTINUES TO IMPROVE
    * TRADING PERFORMANCE SUPPORTS A MODERATE INCREASE IN
MANAGEMENT'S
FY23 ADJUSTED EBITDA EXPECTATIONS
    * FY23 NET DEBT EXPECTED TO BE BETWEEN £180M AND £190M
    * IN LIGHT OF STRONG TRADING WE ARE INCREASING OUR
EXPECTATIONS
FOR FY23 ADJUSTED EBITDA
    * TARGET NET DEBT/ADJUSTED EBITDA BELOW 1.5X BEFORE END OF
FY25,
SUPPORTING ACCELERATED INVESTMENT IN WAGAMAMA OPENINGS
    * TO DELIVER 250BPS TO 350BPS OF ADJUSTED EBITDA MARGIN
ACCRETION
OVER A THREE-YEAR TIME HORIZON
    * TRG PROPERTY TEAM PROGRESSED IN DISPOSAL PROGRAMME, EXPECT
TO
EXIT MAJORITY OF LEASE OBLIGATIONS OF C. 40 CLOSED SITES BY
END-FY24
    * NET DEBT ON IFRS 16 BASIS INCREASED MARGINALLY FROM
£581.7M (AS
AT DEC 22 YEAR-END) TO £585.5M IN THE PERIOD

Source text for Eikon:  ID:nRSF4934La 
Further company coverage:  RTN.L 

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