Restaurant Group (RTN.L), the owner of supermarkets Wagamama and Brunning & Price, said on Wednesday that it expected a rise in its full year profit forecast after a rise in first-half profits, helped by more diners eating at its joint
"We are encouraged by the significant progress made in the first eight months of the year, delivering strong LFL sales growth despite the consumer backdrop." - chief executive
The Restaurant Group (TRG), which has 400 UK locations, showed a 10 per cent rise in revenue to £467.4 million for the six months to July 2.
Profitability was supported by much lower write-downs and outstanding trading that boosted sales by 10 per cent to £547.4million.
The gastronomic sector has been suffering from a barrage of rising costs since economics reopened following the COVID restrictions, with Russia's war in Ukraine raising bills and pressure on companies to pass on energy-related
increases.
At the start of 2022 demand was hit by the advent of the Omicron varieties, which kept many Britons from commuting or visiting restaurants.
The group, which runs more than 400 restaurants and pubs mainly in the UK, has been under pressure from investors in recent months to increase profitability and more recently to replace its chief executive.
"We are encouraged by the significant progress made over the first eight months of the year and delivered strong LFL revenue growth despite the consumer environment." - Andy Hornby
Andy Hornby is an English businessman, currently chief executive of The Restaurant Group,
Its boss Andy Hornby told investors: 'We are encouraged by the significant progress made in the first eight months of the year, delivering strong LFL sales growth despite the consumer backdrop.'
Latest data showed a recovery in retail sales following a slump in July.