Pre Close Trading Update (5063A)
02 2월 2011 - 4:00PM
UK Regulatory
TIDMIRC
RNS Number : 5063A
Individual Restaurant Company PLC
02 February 2011
Individual Restaurant Company plc
("IRC" or "the Group")
Pre Close Trading Update
Individual Restaurant Company plc, a leading operator of 33
premium casual dining restaurants throughout the UK trading under
the Piccolino (22) and Bar & Grill (11) formats, today
announces its pre close trading update for the year ended 31
December 2010.
Trading Update
The Group entered the key Christmas trading period in December
with considerable optimism due to the level of forward bookings
which were significantly ahead of the previous year. However the
particularly severe weather conditions experienced over the first
three weeks of this period impacted trading and like for like sales
for the month ended down 4%. This was despite the fact, pleasingly,
as soon as the snow cleared the Group experienced significant
growth for the last two weeks of the month. Consequently management
expects Group EBITDA performance to be marginally below their
expectations.
This slight reduction in EBITDA had a disproportionate effect on
PBT due to the Group's relatively high levels of fixed
depreciation, nevertheless PBT remained positive.
Banking Facilities
Net debt as at 31 December 2010 was GBP11.7m (GBP12.4m 2009) and
with an GBP18.5m loan facility in place, the Group had considerable
headroom of GBP6.8m remaining.
Future Outlook
Early trading so far in 2011 has been buoyant and the
significant like for like growth experienced in the last two weeks
of December has continued at very satisfactory levels. The Group
does, however, remain reliant on underlying consumer spending and
it is currently uncertain what degree the uplift in the rate of VAT
and Government spending cutbacks will impact the Group, as such the
Board anticipates trading conditions will remain challenging in
2011.
Preliminary Results
The Group's preliminary results will be announced on Monday 4th
April 2011.
(*) EBITDA is defined as operating result before non trading
costs, interest, depreciation and amortisation.
(**) PBT is defined as EBITDA less depreciation, amortisation
and interest. Stephen Walker, Chief Executive of IRC,
commented:
"I am pleased to report another profitable trading performance
in what has been a very testing year. I remain confident in the
inherent strength of both of our brands. Whilst 2011 isn't going to
be without its challenges, it is particularly encouraging that the
positive trends experienced at the end of last year have continued
into trading in the early weeks of the current year, clearly
demonstrating the resilience of our business and the ongoing
customer appeal for our restaurants."
2 February 2011
Enquiries:
Individual Restaurant Company
plc 0161 839 5511
Steven Walker, Chief Executive
Vernon Lord, Finance Director
Altium 0845 505 4343
Paul Lines
Adam Sivner
College Hill 020 7457 2020
Justine Warren
This information is provided by RNS
The company news service from the London Stock Exchange
END
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