At the AGM of The Restaurant Group plc taking place today, we understand that Debbie Hewitt, Chairman, will provide attendees with the following trading update:
Current trading
Like-for-like sales for the 20 weeks ended 21 May 2017 have declined 1.8%, with total sales decreasing by 1.5%.
In the period we saw strong performances from our Concessions business, benefitting from strong growth in passenger numbers, and from our Pubs business, helped by favourable weather. We continue to be focused on the turnaround of the Leisure businesses which benefited from cinema admissions having a good start to the year. Over the remainder of the year, growth in passenger numbers and cinema admissions is anticipated to moderate.
The implementation of our strategy is progressing well as we make the required investments in price, marketing and our offer.
Outlook
2017 is a transitional year. We continue to address the competitiveness of our Leisure businesses and are focused on achieving a sustainable volume-led turnaround. Where opportunities to accelerate our progress present themselves, we will invest appropriately.
Accordingly, we continue to expect to deliver a PBT outcome for the full year in-line with current market expectations.
Balance sheet and financial position
The Group’s balance sheet remains strong and continues to benefit from good cash generation from our operations.
Subject to approval at the AGM, the final dividend in respect of the year ended 1 January 2017 of 10.6p per share will be paid on 7 July 2017 to shareholders on the register on 16 June 2017. This will make the full year dividend in respect of 2016 a total of 17.4p per share.