- The awards
- About Us
- Contact Us
The Restaurant Group completes strategic review, posts full year results
08/03/2017 - 09:51
The Restaurant Group has reported that total revenue is up 3.7% to £710.7 million and like-for-like sales are down 3.9% for the 53 weeks ended January 1st 2017.
Written by Andrew McClean
Adjusted profit before tax is down 11.2% to £77.1 million and adjusted EBITDA is down 5.5% at £121 million. The company is slowing down the roll out of its leisure brands and has identified £10 million of cost savings to make in 2019.
Andy McCue, chief executive officer, said: “Having completed the strategic reviews of our brands, we are now pursuing a new and focused plan to turnaround and grow the business. TRG has significant scale advantages, a diverse portfolio of brands with strong brand awareness and is highly cash generative.
“However, there is much to change in our leisure businesses to provide customers with better value and an improved experience while, at the same time, ensuring we continue to grow our pubs and concessions businesses. It will take time to effect the scale of change required and for customers to respond but I’m proud of how our colleagues are rising to the challenge.”
The Restaurant Group plc operates 488 restaurants and pub restaurants throughout the UK, including brands such as Frankie & Benny’s, Chiquito, and Coast to Coast.