The Restaurant Group plc (LON:RTN) today provided an update on trading for the 52 weeks ended 30 December 2018 (“the period”).
Like-for-like sales for the period were down 2.0%, with total sales increasing by 1.0%*. The Group has delivered like-for-like sales growth since the World Cup, with our Pubs business continuing to consistently trade ahead of the pub restaurant sector and our Concessions business trading strongly. Our Leisure business exhibited improved like-for-like sales momentum through 2018, but was impacted by weaker cinema admissions in December.
We opened a record 21 new pubs (inclusive of acquisitions) and a record 21 new concessions units during the year.
We expect to deliver an adjusted PBT outcome for the 2018 full year in line with current market expectations.
As previously announced, the acquisition of Wagamama formally completed on 24 December 2018. Wagamama has continued to trade well over the festive period and we look forward to delivering the benefits of the acquisition as outlined in the “2018 Prospectus” and creating significant long-term value for our shareholders.
Andy McCue, The Restaurant Group Chief Executive Officer, commented:
“2018 has been a pivotal year for the Group in which we have opened a record number of new sites in both our Pubs and Concessions businesses as well as acquiring an extremely high quality business in Wagamama.
The enlarged business is now orientated strongly towards growth with a number of exciting opportunities ahead. We are focused on executing on our multi-pronged growth strategy and plans for the site conversions and cost synergies are progressing well.”