AGM Trading Update
May 27 2010 - 2:00AM
UK Regulatory
TIDMIRC
RNS Number : 6283M
Individual Restaurant Company PLC
27 May 2010
Individual Restaurant Company plc
AGM Trading Update
Individual Restaurant Company plc ("the Group"), the leading restaurant operator
with 33 premium casual dining restaurants trading under either the Piccolino
brand (22) or the Bar & Grill brand (11), announces an update on trading prior
to its AGM which will be held at 11am today.
Underlying trading patterns are showing some encouraging signs. Excluding the
impact of the extreme weather conditions in the first two weeks of 2010, group
EBITDA was in line with last year at the end of April. Pleasingly, sales for
the first three weeks of May have been marginally ahead of last year and this
pattern has been across the Group, not just in the South East where our
restaurants have been broadly in growth since the beginning of the year. This
is the first time such a positive comparison can be made over successive weeks
since the first effects of the economic downturn were felt in the last part of
2008.
Nevertheless, consumer spending remains tight. Whilst the extent of the adverse
effect of the Football World Cup is difficult to predict, a number of England
games are taking place during key trading periods. As a result trading for the
first half will be impacted by the performance of the Group during this period
in June.
The Board is confident that the Group remains well placed to take advantage of
the opportunities which should arise if the current underlying trading trends
are sustained.
27 May 2010
Enquiries:
+--------------------------------+----------------------------+
| Individual Restaurant Company | Tel: 0161 839 5511 |
| Plc | |
+--------------------------------+----------------------------+
| Steven Walker, Chief Executive | |
+--------------------------------+----------------------------+
| Vernon Lord, Finance Director | |
+--------------------------------+----------------------------+
| | |
+--------------------------------+----------------------------+
| | |
+--------------------------------+----------------------------+
| Altium | Tel: 0845 505 4343 |
+--------------------------------+----------------------------+
| Mike Fletcher | |
+--------------------------------+----------------------------+
| | |
+--------------------------------+----------------------------+
| | |
+--------------------------------+----------------------------+
| College Hill | Tel: 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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