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Strong Brands Focused Strategy The Restaurant Group plc The Restaurant Group Strong brands The Restaurant Group plc 5-7 Marshalsea Road London SE1 1EP Focused strategy Tel: 020 3117 5001 Annual Report 2010 www.trgplc.com Annual Report 2010 The paper used in this report is source from well-managed forests and is FSC accredited. Printed in the UK using vegetable based inks which have lower VOC emissions (Volatile Organic Compounds), are derived from renewable sources and less hazardous than oil-based inks. The printer is ISO 14001 accredited and Forest Stewardship Council (FSC) chain of custody certified. Under the framework of ISO 14001 a structured approach is taken by the company to measure, improve and audit their environmental status on an ongoing basis. FSC ensures there is an audited chain of custody from the tree in the well-managed forest through to the finished document in the printing factory. If you have finished reading this report and no longer wish to retain it please pass it to interested readers, return it to The Restaurant Group plc or dispose of it in your recycled paper waste. Thank you. Designed and produced by The College www.thecollege.uk.com Contents Shareholder information The Restaurant Group plc operates 389 restaurants and pub restaurants. Its principal trading brands are Frankie & Benny’s, Chiquito Directors Registrar and Garfunkel’s and it also operates a Pub Alan Jackson Equiniti Limited Non-executive Chairman Aspect House restaurant business as well a Concessions Spencer Road Andrew Page Lancing division which trades on over 50 sites, Chief Executive Officer West Sussex BN99 6DA principally at UK airports. Stephen Critoph Auditors Group Finance Director Deloitte LLP Hill House Trish Corzine 1 Little New Street Executive Director, Concessions London EC4A 3TR Introduction Financial highlights 01 Tony Hughes Solicitors At a glance 02 Non-executive Maclay, Murray & Spens LLP One London Wall Simon Cloke London EC2Y 5AB Non-executive Slaughter and May Company Secretary One Bunhill Row Robert Morgan London EC1Y 8YY Business review Registered office Brokers Chairman’s statement 04 Until 14 March 2011: JPMorgan Cazenove Chief Executive Officer’s review of operations 06 151 St Vincent Street 20 Moorgate Group Finance Director’s report 12 Glasgow G2 5NJ London EC2R 6DA From 14 March 2011: Panmure Gordon 1 George Street Moorgate Hall Glasgow G2 1AL 155 Moorgate London EC2M 6XB Governance Head office Board of Directors 16 5-7 Marshalsea Road Financial calendar Report of the Directors 18 London SE1 1EP Annual General Meeting – 11 May 2011 Corporate responsibility 26 Directors’ remuneration report 29 Telephone number Proposed final dividend – 2010 Audit Committee report 36 020 3117 5001 Announcement – 9 March 2011 Ex-dividend – 18 May 2011 Company number Record date – 20 May 2011 SC030343 Payment date – 17 June 2011 Financial statements Independent auditors’ report 38 Accounting policies for the consolidated accounts 39 Consolidated income statement 43 Consolidated statement of comprehensive income 44 Consolidated statement of changes in equity 45 Consolidated balance sheet 46 Consolidated cash flow statement 47 Notes to the accounts 48 Independent auditors’ report – company accounts 69 Company financial statements – under UK GAAP 70 Group financial record 72 Shareholder information 73 The Restaurant Group plc Annual Report 2010 73 Financial highlights The Group had a strong performance Revenue (£m) in 2010: • Revenue up 7% to £466m +7% (like-for-like sales -1%) 06 314.7 07 366.7 08 416.5 • EBITDA increased by 8% to £86m 09 435.7 • Adjusted profit before tax increased 10 465.7 by 12% to £56m Adjusted EBITDA (£m) Introduction • Adjusted EPS rose 14% to 20p per share +8% • Proposed full year dividend of 06 55.6 07 67.8 9p per share, up 12.5% 08 77.4 09 79.6 • Statutory profit before tax increased 10 85.8 by 17% to £56m Business review Business • Statutory EPS rose 7% to 20p Adjusted profit before tax (£m) Operations strongly cash generative +12% and net debt reduced by £20m to £47m 06 35.0 07 43.4 08 48.9 Roll out continues 09 50.0 10 55.8 • 24 new sites opened in the period • 22-27 new sites targeted for 2011 Adjusted EPS (p) Governance Strong current trading given the economic climate, with like-for-like +14% 06 11.5 sales returning to growth at +3% and 07 14.6 08 16.6 total sales up 8% for the nine weeks 09 17.4 to 6 March 2011 10 19.9 Statutory and adjusted results stated on a 53 week basis Dividend per share (p) statements Financial for 2010 compared with a 52 week basis for 2009. Results marked as adjusted are stated excluding +12.5% non-trading items (refer to note 2 of the financial statements). 06 6.00 07 7.25 08 7.70 09 8.00 10 9.00 The Restaurant Group plc Annual Report 2010 01 At a glance Supporting brand development • 9 new openings • 197 restaurants Frankie & Benny’s brings together the best of classic American and Italian style and cuisine that always provides great value for money. The kitchen buzzes with bustling activity as the chefs prepare dishes from our broad menu – pizzas, pastas, burgers, grills and other favourites – while, in typical stateside fashion, service at Frankie & Benny’s is second to none! Settle into a cosy booth to enjoy a casual family meal or a catch up with friends and observe the clatter and chatter of the open kitchen and the familiar classic 50’s and 60’s soundtrack playing in the background. The restaurant walls are filled with family snapshots and memorabilia showing life on the lower east side of the Big Apple, helping you into a “New York state-of-mind”. First opened in 1995 in Leicester, Frankie & Benny’s has become one of the best known casual dining brands in the United Kingdom, and trades successfully in leisure and retail locations, stand-alone sites and at six airports. The estate comprises of almost 200 restaurants spread across the country from Aberdeen to St Austell. • 5 new openings • 68 restaurants With almost 70 restaurants nationwide, at Chiquito we are proud to be the UK’s most popular answer to Mexican eating and drinking with over 100,000 happy hombres tucking into our vibrant, tasty food every week. The Chiquito menu offers a great range of authentic Mexican & “North-of the Border” dishes in a laid-back Latino environment, with fantastic music. The décor draws inspiration from Mexican architecture and Latin style. Some restaurants have a rustic and relaxed feel while others demonstrate the buzz and graphic energy of contemporary Mexico City. Chiquito favourite dishes include nachos, burritos, enchiladas and our signature sizzling fajitas, as well as the old favourites – burgers, salads and steaks from the grill. We specialise in Mexican beer and fantastic cocktails. Chiquito is open for lunch, lazy afternoons and lively evenings, so whether you’re out shopping, meeting friends after work or planning a party it’s the only place to be! Trading in the UK for over 20 years, Chiquito continues to attract a broad mix of young adults, couples, teenagers, families and large parties. 2 • 2 new openings • 23 restaurants Garfunkel’s – a truly great name in British and world cuisine. Founded in London’s West End in 1979, Garfunkel’s has become legendary! It embraces the concept of being all things to all people. Offering something for everyone, the menu is a fantastic mix of the best of British and international cuisine. From the tempting rotisserie chicken to teriyaki salmon, everything has been chosen because we just love the taste. Our salad bar has a delicious range of fresh salads, prepared dishes and dressings available all day. Principally located across Central London, each Garfunkel’s restaurant offers a place to relax and take a break from the hustle and bustle outside, with a loyal following of visitors, local residents and workers who have been eating at Garfunkel’s for years. Garfunkel’s continuing popularity means expansion is still on the menu after over 30 years of trading. Our latest restaurant opened on Cockspur Street, Trafalgar Square in 2010, and offers the same friendly welcome and broad menu in a warm contemporary setting, just what you need after a hectic shopping trip in the West End or the perfect way to complement a theatre visit. Continued success across all day parts including breakfast, lunch and dinner means a healthy appetite for growth with more sites earmarked to open in Central London. 02 The Restaurant Group plc Annual Report 2010 Pub restaurants • 1 new opening • 43 restaurants Really great pubs are timeless, familiar and very British. Everybody knows what their perfect pub looks like. Each of our pubs has its own style and personality, and you’ll always find a warm welcome, ageless interiors, fine British pub food, a large variety of great real ales and fine wine and great coffee. Mostly set in beautiful rural or semi-rural locations, each pub has a “local” feel and many are set in intriguing buildings with fascinating histories. We don’t want all our pubs to look and feel the same – instead we preserve the character of the building, which after all was what attracted us to the pub in the first place. The range of beers available changes frequently and seasonal and local specials mean the menu also offers new choices alongside trusted favourites each time you visit. Introduction There’s friendly, engaging service from the moment you arrive, ensuring that all your needs are taken care of. We believe that really great pubs will never go out of fashion, and that opportunities to expand in the sector are available for experienced operators with the right offer for customers.
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