According to TRG’s interim results in the 26 weeks to 2 July this year, total revenue was up 10% against last year, rising from £423.4m to £467.4m.
TRG chief executive Andy Hornby said: “We are encouraged by the significant progress made in the first eight months of the year, delivering strong like-for-like sales growth despite the consumer backdrop.”
Within the TRG pub estate, which includes Brunning & Price, the business saw an 8% like-for-like increase while its other ventures, namely Wagamama and concessions trade, benefited from a 7% and 29% upswing respectively.
Excellent progress
In addition, the report showed like-for-like sales in the eight weeks to 27 August had increased 5% across the group’s pub estate, rising to 10% when combing Q2 and Q3 this year.
The group’s previous trading update demonstrated its pub division also saw a 5% rise in total like-for-like sales in 13 weeks to 2 April 2023 compared with the same period in 2022.
Hornby added the firm had “increased its expectations” for FY23 adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) in light of the “strong trading”.
“We are making excellent progress on our medium-term plan”, he continued.
Well positioned
The group also reported an adjusted EBITDA of 15% for H1 2022, from £31.3m to £36.3m, and profit before tax of £7.2m.
Net interest costs were estimated to be higher than last year, up from £16.3m to £17.3m, however, the overall “strong trading performance” across the board was attributed in part to “good cost control” and “lower exceptional costs”.
In addition, the report stated TRG was “well positioned” to deliver its targeted EBITDA margin and deleveraging, while its board would “continue to actively explore strategic options to further accelerate” this.
Hornby concluded: “A massive thanks to each and every one of our dedicated team members who have worked so hard to deliver these excellent results.”
