REG - Restaurant Group PLC - Trading update

RestaurantAnnouncement

16/11/2021 07:05

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RNS Number : 4500S  Restaurant Group PLC  16 November 2021

The Restaurant Group plc

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE UK VERSION OF THE MARKET ABUSE REGULATION (REGULATION (EU) No 596/2014).
UPON THE PUBLICATION OF THIS ANNOUNCEMENT THE INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

The Restaurant Group plc ("The Group" or "TRG") - Trading update

 

 

Since TRG last updated the market on 15 September 2021, The Group has traded
well with like-for-like sales* out-performance versus the market** across our
Wagamama, Pubs and Leisure businesses.  We have also seen a minor improvement
in UK airport passenger volumes leading to a partial recovery in the sales run
rates in our Concessions business.

 

As a result, management's expectations for the Group's FY21 Adjusted EBITDA
are today increased to a range of £73m-£79m (on an IAS 17 basis), subject to
no unexpected Covid related disruptions being announced before the end of the
financial year.

 

FY21 year-end Net Debt is now expected to be less than £190m (on an IAS 17
basis), with the improved position driven primarily by the robust trading
performance.

 

Management's expectations for FY 2022 remain unchanged from the outlook
outlined at our interim results in September.

 

The Group's next scheduled update is the preliminary results announcement in
March 2022.

 

 

Enquiries:

 The Restaurant Group plc                                    020 3117 5001

 Andy Hornby, Chief Executive Officer

 Kirk Davis, Chief Financial Officer

 Umer Usman, Investor Relations

 MHP Communications                                          020 3128 8622/8789

 Oliver Hughes

 Simon Hockridge

 

* Like-for-like sales versus 2019 comparable

**Market refers to Coffer Peach tracker for restaurants (Wagamama and Leisure
benchmark) and Coffer Peach tracker for pub restaurants (TRG Pubs
benchmark).   UK air passenger growth used as market benchmark for
Concessions

 

 

Notes:

 

1.    The Restaurant Group plc had approximately 400 restaurants and pub
restaurants throughout the UK as at 16 November 2021 . Its principal trading
brands are Wagamama, Frankie & Benny's and Brunning & Price.  It also
operates a multi-brand Concessions business which trades principally in UK
airports.  In addition the Wagamama business has a 20% stake in a JV
operating six Wagamama restaurants in the US and over 50 franchise restaurants
operating across a number of territories

 

2.    Statements made in this announcement that look forward in time or
that express management's beliefs, expectations or estimates regarding future
occurrences are "forward-looking statements" statements and reflect the
Group's current expectations concerning future events.  Actual results may
differ materially from current expectations or historical results

 

3.    The 2021 Financial Year is a 53 week period ending 2 January 2022

 

4.    This announcement has been determined to contain inside information.
The person responsible for the release of this announcement on behalf of TRG
is Kirk Davis (CFO). LEI: 213800V4LJ2FXMQKKA46.

 

 

 

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