restaurant group

Restaurant Group (LON:RTN) shares fell nearly 2 percent on Thursday morning, after a trading update for the full year to December 2017 showed a drop in sales.

Like-for-like sales for the period were down 3 percent, with total sales decreasing by 1.8 percent. The group called the market conditions over the year “challenging”, adding that despite this they had made progress on their four point plan to deliver long term growth.

The group, who own UK chains including Frankie & Benny’s, Joe’s Kitchen and Chiquito, said it expects to deliver an adjusted pre-tax profit for the full year in line with current market expectations.

Andy McCue, chief executive officer, said: “In 2017 we made solid progress against our strategic initiatives, resulting in improved volume momentum in our Leisure business, a lower cost base and a more focused growth plan. While the market has softened, we continue to benefit from strong cash generation and a healthy balance sheet.”

Shares in Restaurant Group are currently trading down 1.59 percent at 260.20 (0855GMT).