TRG lifts expectations as sales rise

The Restaurant Group plc (TRG) has just published its latest trading update. Since TRG last updated the market on 15 September 2021, the firm has traded well with like-for-like sales out-performance versus the market across its Wagamama, Pubs and Leisure businesses.

The company has also seen a minor improvement in UK airport passenger volumes, leading to a partial recovery in the sales run rates in its Concessions business.

As a result, management’s expectations for the Group’s FY21 Adjusted EBITDA are today increased to a range of £73m-£79m, subject to no unexpected Covid related disruptions being announced before the end of the financial year.

FY21 year-end Net Debt is now expected to be less than £190m, with the improved position driven primarily by the robust trading performance.

Management’s expectations for FY 2022 remain unchanged from the outlook outlined at our interim results in September.

The Group's next scheduled update is the preliminary results announcement in March 2022.