Restaurant Group swings to interim pre-tax profit
By Michele Maatouk
Date: Thursday 08 Sep 2022
(Sharecast News) - Restaurant Group said on Thursday that it swung to an interim pre-tax profit as sales rose and the Wagamama owner outperformed in a "challenging" market.
In the 26 weeks to 3 July, the company swung to an adjusted pre-tax profit of £10.2m from a loss of £19.9m in the same period a year ago, on total sales of £423.4m, up from £216.8m.
Adjusted earnings before interest, tax, depreciation and amortisation grew to £41.7m from £11.2m.
Versus 2019, Wagamama like-for-like sales were up 11%, while pubs and leisure sales were up 9% and 2%, respectively. Concessions sales fell 17%.
Chief executive Andy Hornby said: "We have made good progress in the past six months, delivering a robust financial performance in a challenging market, with continued LFL sales outperformance.
"We have taken decisive management actions to reduce the impact of the industry cost pressures including fully hedging our utilities until December 2024 and reducing our interest rate exposure through interest rate caps.
"Whilst the uncertain consumer environment presents challenges for the hospitality sector, the group is well positioned to further develop our brands to deliver long-term growth for all stakeholders underpinned by our strong balance sheet."
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10 Lower Thames St,
London EC3R 6EN