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Restaurant Group PLC on Wednesday said it narrowed its annual loss despite 2021 being heavily impacted by Covid-19 restrictions, which prevented sit-down dining in the first part of the year.
The Wagamama and Frankie & Benny's chain owner reported a significantly narrowed pretax loss of £38.4 million in the 53 weeks ended January 2. In its previous financial year, that ended December 27, 2020, the London-based restaurant operator posted a loss of £132.9 million.
Revenue rose 38% to £636.6 million last year from 459.8 million in 2020.
The company said that following the removal of Covid-19 restrictions in May last year, it delivered ‘strong’ like-for-like sales growth across its Wagamama, Pubs and Leisure businesses.
Restaurant Group said its expectations for 2022 remain unchanged though it said it is ‘mindful’ of inflationary impacts arising from the conflict in Ukraine.
The stock was up 6.7% to 74.39 pence early Wednesday in London.
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