TRG kicks off year with 'robust' trading performance

The Restaurant Group plc (TRG) has announced its final results for the 52 weeks ended 1 January 2023, reporting sales of £883m (2021: £636.6m) and adjusted EBITDA of £83m (2021: £81.2m). 

The group reports a 'robust' trading performance in a challenging casual dining market, with like-for-like (LFL) sales across its Wagamama, pubs and concessons brands outperforming the respective market benchmarks in FY22 (versus 2019 comparatives). On top of this, customer ratings remain strong across the group's brand portfolio. 

Wagamama's LFL sales against 2022, comparable for the eight weeks from 2 January to 26 February 2023, were up 2%, while the group's concessions sales were up 48%. While LFL trade for dining in at Wagamama were up 9%, delivery and takeaway sales were down 17% – a drop that falls in line with reduced demand across the delivery market. 

Andy Hornby, TRG CEO, comments: "We've delivered a strong operating performance for the year in a market which has continued to pose a number of headwinds for casual dining operators.

"Current trading has been very encouraging to the great creadit of our teams who continue to ensure our customers receive the best experience possible.

"We have a clear plan to increase EBITDA margins over the next three years and deliver significant value for our stakeholders."

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