The Restaurant Group

The Restaurant Group (LON:RTG) published a trading update ahead of the group’s annual general meeting on Friday.

The casual dining restaurant operator said revealed that current trading remained ‘in line with our expectations’, with like-for-like sales up 2.8% for the 19 weeks ended 12 May.

Total sales were up 57%, driven by the group’s recent £559 million acquisition of Wagamama as well as a record number of new pubs and concessions sites across the period.

The company added: “We are comfortable with the performance in the first 19 weeks of the current financial year and remain focused on realising the synergies from the Wagamama acquisition, executing on our multi-pronged growth strategy and optimising our leisure business.”

The company announced the departure of CEO Andy McCue in February, due to “extenuating personal circumstances”.

They recently announced ex-HBOS boss Andy Hornby as his replacement.

Alongside the newly acquired Wagamama chain, The Restaurant Group operates Garfunkel’s, Frankie & Benny’s, Chiquito and Brunning & Price.

Shares in the FTSE 250 company are currently down -1.83% on the back of the trading update.

 

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Nicole Jeary
Nicole covers emerging global economic and political events for The UK Investor Magazine. Her focus is particularly upon company news and political developments in Europe and the US.