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The Restaurant Group reports profits increase
Pub and restaurant operator, The Restaurant Group (TRG), has revealed that it will press ahead with expansion plans after posting a 3 per cent increase in pre-tax profits for the first half of 2009.
The company, which admitted that it had experienced "the toughest trading conditions for several decades", said that it is still on track to open between 15 and 20 new sites this year, despite a number of developments being postponed or cancelled due to the recession. TRG's 385 UK pubs and restaurants, including 182 Frankie and Benny's properties and 60 Chiquito restaurants, have continued to show resilience during the first half of the year, but the company's airport concessions have been hit by declining passenger numbers.
Andrew Page, TRG chief executive, said: "Our strategic market positioning combined with a clear focus on value, margins, service and hospitality has enabled the group to make further profitable progress during 2009, despite the severe economic downturn. "In addition to delivering these strong results, our team has also successfully opened twelve new restaurants so far this year and they are all performing well. Although conditions remain tough, going forward we will be looking to maintain our profitable progress."
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