RESTAURANT Group has shrugged off concerns related to rising input costs and lower consumer morale by posting an eight per cent rise in its first-half adjusted pre-tax profit, and said it expected to make further progress this year.
The company, which owns the Garfunkel’s and Frankie & Benny’s chains, said yesterday year-to-date total turnover was up seven per cent and like-for-like sales climbed 2.75 per cent.
“Despite the recent raft of downbeat newsflow, and the disturbances in early August, we’ve made a good start to the second half,” chief executive Andrew Page said in a statement.
For the 26 weeks to 3 July, the adjusted pre-tax profit was £24.4m, compared with £22.6m last year. Revenue grew 7.5 per cent to £234m.
In May, Restaurant Group said total sales for the first 18 weeks of the new financial year grew 5.5 per cent, but saw tough market conditions ahead on a fragile consumer confidence.