The Restaurant Group sales dip 1.8%
Its like-for-like sales are down 3% for the 52 weeks ended 31 December 2017.
The Company's total revenue were down 4.4% to £679.3m, with like-for-like sales for the 52 weeks ended 31 December 2017 down 3.0%. Adjusted profit before tax was down 26.4% to £56.7m and Adjusted EPS was down 25.7% to 22.3p per share. Statutory profit before tax was £43.6m and the statutory earnings per share were 16.4p. The business also continued to generate strong free cash flow, with £84.9m in 2017.
The Restaurant Group has made solid progress on our strategic initiatives in 2017, resulting in improved volume momentum in our Leisure business, growth in our Pubs and Concessions business, a lower cost base across the business and a more focused growth plan.
The Restaurant Group's CEO Andy McCue said, "As expected, 2017 was a transitional year for the Group, with significant investments made in price and proposition within our Leisure business, which is driving improving volume momentum. We start 2018 with a significantly more competitive offering in our Leisure business, a strengthened pipeline of growth opportunities in both our Pubs and Concessions businesses, and a leaner, faster and more focused organisation. I'd like to thank our colleagues for embracing the change agenda and for their contribution to stabilising the business."
The Restaurant Group plc currently operates 498 restaurants and pub restaurants throughout the UK. Its principal trading brands are Frankie & Benny's, Chiquito, Coast to Coast and Brunning & Price. It also operates a multi-brand Concessions business which trades principally in UK airports.
