Restaurant Group expects annual profit to beat forecasts

9th Jan 2014 10:57

- Turnover rises nine per cent in 2013- Like-for-like sales up 3.5 per cent- Annual profit to exceed market forecastsThe Restaurant Group expects full-year profit ahead of market forecasts on the back of higher margins and new restaurant openings. The company, known for its chains such as Frankie & Benny's and Chiquito, achieved a 9% rise in turnover for the year to December 29th 2013, according to a pre-close trading update. Like-for-like sales were 3.5% ahead of the previous year as the company opened 35 new restaurants and saw operating margins improve.The group said trading at the restaurants has been "excellent" and are set to deliver strong returns. The firm plans to open between 36 and 43 new sites in 2014. "In 2013, The Restaurant Group again delivered another excellent performance with increased sales, margins and record profits," said Chief Excutive Andrew Page. "Our value for money offerings and brands with wide appeal encouraged more customers to dine in our restaurants and enjoy our hospitality."Looking ahead, Restaurant Group anticipates similar economic conditions to 2013 and will be focused on delivering further profitable progress in 2014.Shares rose 4.29% to 620.50p at 11:16 on Thursday.RD