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.
The Restaurant Group plc
Andy Hornby, Chief Executive Officer
Kirk Davis, Chief Financial Officer
Umer Usman, Investor Relations
020 3117 5001
020 3128 8622/8789
* 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
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.