Travellers awaiting planes at airports and families in need of a treat are still flocking to the mid-price chains owned by the Restaurant Group despite straitened times.
Chief executive Andrew Page said today that the company behind Frankie & Benny’s, Chiquito and Garfunkel’s is on the up and could eventually double its number of outlets to around 800.
“Despite the worst recession you and I have ever seen we keep churning out the goods,” he said. “Momentum is continuing and we are trading well across the board.”
In the half-year to July sales were up 7.5% to £252 million, with profits surging 8% to £27.3 million.
Page says his customers are definitely feeling the pain. “There are a lot of issues out there, a lot of geopolitical stuff. We are at the front line of discretionary spending, people don’t have to eat out, but they want small treats,” he said.
A family of four can eat at one of his venues for £40, he says.
He plans to open between 25 and 30 new sites this year.
The divi is lifted 12.5% to 4.5p.
The company said it was “delighted” with the performance of its first Coast to Coast restaurant which was opened at Brighton Marina in November 2011, themed as an American restaurant and bar. Since the half-year end, Restaurant Group has opened a second Coast to Coast in Newcastle and plans to launch a third in Stevenage in October.
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