Restaurant Group updates upset markets
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The price of shares in chain operator Restaurant Group (LON:RTN) fell by 3.68% to 149.30p (as of 15:00 GMT) after like-for-like revenues for the year ended 30th December were 2% lower than in 2017. Total sales were up by 1% following the opening of 21 new pubs, the World Cup, and the acquisition of Wagamama.
Chief executive Andy McCue commented: “2018 has been a pivotal year for the Group in which we have opened a record number of new sites in both our Pubs and Concessions businesses as well as acquiring an extremely high quality business in Wagamama.
The enlarged business is now orientated strongly towards growth with a number of exciting opportunities ahead. We are focused on executing on our multi-pronged growth strategy and plans for the site conversions and cost synergies are progressing well“.
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