TRG sees sales decline but losses fall too

The Restaurant Group plc (TRG) has published its Interim results for the 27 weeks ended 4 July 2021 (H1).

Financial summary:
· Total sales of £216.8m in the first half (2020: £227.2m)
· Adjusted EBITDA profit of £11.2m, despite the impact of significant trading restrictions in the period (2020: Adjusted EBITDA Loss of £18.3m).
· Reported EBITDA profit of £19.9m (2020: Loss of £15.3m)
· Statutory loss before tax of £58.8m (2020: loss of £234.7m)

Andy Hornby, Chief Executive Officer, (pictured) commented, “We have made good progress in the past six months, securing the refinancing and recapitalisation of the Group in the first quarter before focusing our attention on the reopening of the business and welcoming back dine-in customers as government restrictions eased.

'I am particularly proud of the way that our teams have pulled together to support one another, ensuring a great experience for our customers and delivering a strong LFL sales outperformance versus the market.

'Whilst there are some well documented sector challenges to navigate in the short-term, particularly around labour availability and supply chain, we believe the Group is well positioned for the long- term.”

The Restaurant Group plc had approximately 400 restaurants and pub restaurants throughout the UK as at 14 September 2021. ts principal trading brands are Wagamama, Frankie & Benny's and Brunning & Price.

It also operates a multi-brand Concessions business which trades principally in UK airports. In addition the Wagamama business has a 20% stake in a JV operating six Wagamama restaurants in the US and over 50 franchise restaurants operating across a number of territories.