Restaurant Group beefs up H1 profit

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Restaurant Group, owner of the Frankie and Benny's chain, reported an increase in first half profit and is confident of another year of progress.

Pre-tax profit rose to £22.1m for the 26 weeks ending 29 June 2008 compared with £17.2m last year. Sales for the period rose to £203.2m from £172m last year.

"The second half has started well, with year to date like-for-like sales 3% ahead of last year, and our focus is firmly directed towards maintaining this progress," the group said in a company statement.

Restaurant Group's new openings are performing strongly, it added and now expects to have added more than thirty new restaurants by the end of 2008.

Whilst the economic outlook remains challenging the group believes it will deliver another year of good progress.

The firm has declared an interim dividend of 1.4p per share, up from 1.26p last year.

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