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Restaurant Group PLC on Thursday said it narrowed its interim loss and nearly doubled its revenue despite a ‘challenging’ market environment.
In the six months that ended July 3, the Wagamama chain owner reported a pretax loss of £28.5 million, narrowed from £57.6 million the previous year.
Sales nearly doubled to £423.4 million from £216.8 million. The company emphasised how heatwaves in July and August lowered Wagamama and leisure sales, while its pub sales benefited from the heat.
The London-based firm explained that the Concessions business had been hurt in the first quarter of its financial year as a result of limited travel but has since seen a ‘better than expected’ recovery.
Further, it noted ‘expected inflationary pressures and challenging macro-economic environment in the near-term, which has meant a reduction in our future trading expectations for certain sites.’
Looking forward, the firm said it was ‘well positioned’ to deliver long-term growth despite an uncertain consumer environment.
The company explained that ‘for the avoidance of doubt, today's update does not include the impact of any potential government intervention’.
Restaurant Group shares were 2.9% higher at 44.22 pence each in London on Thursday morning.
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