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Annual Results

RTN swings to exceptionals-driven FY pretax loss

08 March 2017 07:16

The Restaurant Group has swung to an exceptionals-driven FY pretax loss as it pursues a new and focused plan to turnaround and grow the business.

Statutory pretax loss was £39.5m, from a year-earlier profit of £86.8m. There was exceptional charges of £116.7m, which primarily reflected site closures, asset impairments and provision for onerous leases.

FY dividend was maintained at 17.4p a share.

The outfit reported a challenging trading year across its Leisure brands, but noted good performances from Pubs and Concessions. Revenue was up 3.7% to £710.7m.

"Having completed the strategic reviews of our brands, we are now pursuing a new and focused plan to turnaround and grow the business," said CEO Andy McCue in a statement.

He said The Restaurant Group had significant scale advantages, a diverse portfolio of brands with strong brand awareness and was highly cash generative.

"However, there is much to change in our Leisure businesses to provide customers with better value and an improved experience while, at the same time, ensuring we continue to grow our Pubs and Concessions businesses.

"It will take time to effect the scale of change required and for customers to respond but I'm proud of how our colleagues are rising to the challenge."

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