Casual Dining Group revenues slip in 2018
The group, however, reported strong performance since the New Year.
Casual Dining Group, the operator of Las Iguanas and Bella Italia, reported revenues for the year ended 28 May 2018 of £327.4 million, down 0.5% from the same period in 2017, citing ‘difficulties in the wider sector’.
Adjusted EBITDA for the group fell to £25.9 million from the £29.9 million the previous year.
“Despite the ongoing market challenges, Casual Dining Group has outperformed the market over the past 11 months, recording like for like sales increase of 2.6% with an improving trend of a 4.2% increase in like for like sales for the 13 weeks since the New Year," CDG CEO Steve Richards said.
“The historic performance in the prior year, reflects the difficulties the wider sector faced but we are confident that our proactive measures, the support of our shareholders, and our diversification by brand, channel and geography mean CDG is strongly positioned.”
The group also announced seven new UK openings and a further seven franchise openings in Ireland and the Middle East in 2019.
