Restaurant Group PLC (RTN.L) Thursday said its pre-tax profit for the 27 weeks ended July 4 increased from last year, helped by a 9% growth in revenue. However, profit for the period declined year-over-year, owing to higher tax. Further, the company said the second half of the year has started well.
Profit for the first half of the year edged down to GBP 17 million or 8.53 pence per share from GBP 17.1 million or 8.56 pence per share for the 26 weeks ended June 28, 2009.
Adjusted earnings per share, which exclude non-trading items, rose to 8.5 pence from 7.5 pence in 2009.
The company, which operates 375 restaurants and pub restaurants, said its pre-tax profit increased to GBP 24.8 million from GBP 20.14 million in the prior-year period. Adjusted profit before tax increased to GBP 24.6 million from GBP 21.7 million.
Revenue in the period rose to GBP 229.49 million from GBP 210.15 million in the previous year.
The company, with trading brands such as Frankie & Benny's, Chiquito and Garfunkel's, said revenue from Leisure grew to GBP 186.71 million from the prior-year's GBP 172.68 million, and Concessions generated GBP 42.78 million, compared to GBP 37.47 million last year.
Like-for-like sales fell by 0.5% during the first half. Excluding the impact of the volcanic ash cloud on the Concessions business, Group like-for-like sales would have been flat, the company said. Tax for the six month period climbed to GBP 7.8 million from last year's GBP 3.04 million.
Further, the company's directors declared an interim dividend of 1.54 pence per share, up 10%, which will be paid on October 13 to ordinary shareholders on the register at close of business on September 17.
Looking ahead, Alan Jackson, Non-executive Chairman of the company, said, "The second half of the year has started well with good growth in like-for-like sales and turnover. Year to date, total sales are 9% ahead of the prior year (like-for-like: flat), the business is in great shape and I am confident that the Group is well placed to continue its further good progress."
RTN.L closed Wednesday's regular trade at 243 pence, up 1.90 pence or 0.79%, on 1.22 million shares.
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