The 375-strong Restaurant Group has reported record interim results despite a "very challenging" half year with sales up 9% to £229m and adjusted EBITDA up 10% to £39.8m for the 27 weeks to 4 July.
Restaurant Group, whose brands include the Brunning & Price and Blubeckers pubs, Frankie & Benny's, Chiquito and Garfunkel's, hailed the results as "excellent".
Current trading is "resilient" with like-for-like sales for the 35 weeks to 29 August 2010 flat — up from -0.5% at the half year.
Its 42 pub restaurants traded well in the first half, delivering increases in revenues, profits and margins. It hopes to complete its conversion of Blubeckers sites to Brunning & Price style pubs during 2011. It expects to open one new pub restaurant during the second half of the year.
"These are excellent results produced in the face of tough conditions," said chairman Alan Jackson. "They are a reflection of our resilient business model, unique market positioning, clear focus on our customers, value for money offerings and the professionalism, commitment and dedication of our senior management team and staff.
"Since my last report we have experienced a continuation of global economic uncertainty and, closer to home, political change. The new coalition government has announced a programme of fiscal austerity with the objective of reducing the level of National Debt and budget deficit and so we anticipate that it is likely that we will face a further continuation of current economic conditions for some time to come."
