Monday, September 20, 2021
HomeBusinessWagamama-owner Restaurant Group hails 'good progress' with £11.2m profits

Wagamama-owner Restaurant Group hails ‘good progress’ with £11.2m profits

Wagamama and Frankie & Benny’s- proprietor Restaurant Group hails ‘good progress’ as income bounce again to £11.2m however warns of employees shortages

  • The Restaurant Group operates 400 pubs and eating places throughout the UK
  • It reported an adjusted core revenue of £11.2 million for the 27 weeks ended 4 July
  • Since Wagamama re-opened for eat-in, it has seen a LFL gross sales progress of 21%

Wagamama-owner Restaurant Group hailed ‘good progress’ over the previous half-year and forecast a rise in 2021 revenue because it gave a buying and selling replace on Wednesday. 

The corporate, which operates 400 pubs and eating places throughout the UK, mentioned its restoration has been spearheaded by sturdy performances by its Wagamama pan-Asian chain and the group’s pub arm.  

The Restaurant Group additionally owns Frankie & Benny’s, Chiquito, Coast to Coast and Firejacks. 

Wagamama-owner Restaurant Group hailed ‘good progress’ over the previous half-year and forecast a rise in 2021 revenue because it gave a buying and selling replace on Wednesday

It reported an adjusted core revenue of £11.2 million for the 27 weeks ended 4 July, in contrast with a lack of £18.3 million kilos final 12 months. 

TRG says since Wagamama re-opened for dine-in, it has seen ‘constantly sturdy buying and selling’, with like-for-like gross sales progress of 21 per cent, representing a 13 per cent outperformance versus the market. 

The launch of a lighter summer season dishes and a dedication to a 50 per cent plant-based menu by the tip of 2021 had been highlighted as two of the important thing drivers.

The chain is now on observe to open 5 new eating places within the UK this 12 months, and several other extra within the US as a part of a three way partnership. 

In the meantime, TRG’s pubs noticed gross sales up 12 per cent due to quite a few measures put in place, together with the set up of greater than 30 coated exterior areas, extra versatile employees hours and the introduction of a brand new on-line reserving system.

Commenting on the outcomes, chief govt 0fficer Andy Hornby mentioned: ‘We’ve made good progress previously six months, securing the refinancing and recapitalisation of the Group within the first quarter earlier than focusing our consideration on the re-opening of the enterprise and welcoming again dine-in prospects as authorities restrictions eased.

‘I’m notably pleased with the way in which that our groups have pulled collectively to help each other, guaranteeing an important expertise for our prospects and delivering a robust like-for-like gross sales outperformance versus the market.’ 

Regardless of the better-than-expected figures, challenges round labour shortages and provide chain constraints flagged by the corporate despatched its shares down 2.8 per cent. 

The labour shortages should not distinctive to Britain, however Brexit made issues worse, business teams say, with an exodus of European drivers. 

Quick-food big McDonalds, rooster restaurant chains Nandos and KFC have all pulled some objects off their British menu following the shortages, and the nation’s main employers are pushing the federal government to take motion.

Restaurant Group’s shares had been buying and selling down 3.8 per cent, or 4.6p, at 116.6p at 11.30am. The shares have climbed from lows of close to 40p in autumn.

The casual dining boom saw Restaurant Group shares soar but they then sank towards the tail end of the last decade and were hammered by lockdown

The informal eating increase noticed Restaurant Group shares soar however they then sank in direction of the tail finish of the final decade and had been hammered by lockdown


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