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The Restaurant Group Chief Executive Andrew Page and TRG Concessions Executive Director Trish Corzine | |
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UK. The Restaurant Group (TRG) has promoted Nick Ayerst to Deputy Managing Director, effective from 1 January. Ayerst’s new role follows after six and a half years as Operations Director.
In other board news, Executive Director Trish Corzine will retire from the company in May. The board expressed its gratitude to Corzine for her “significant contribution” to the group over 20 years with the company.
Financial results
The Group also confirmed that its full-year financial results will be released by early March 2013. It said profits for the 52 weeks to 30 December 2012 are expected to be just ahead of the consensus of market forecasts.
Turnover for the 52 weeks to 30 December 2012 was +9% ahead of prior year and like-for-like sales were up +4.5%. Group operating margins for 2012 are expected to be at a similar level to 2011.
TRG opened 28 new restaurants in 2012 and reports that trading at these sites has been “excellent” and they are set to deliver strong returns. The Group expects to open between 28-35 new sites in 2013.
The Restaurant Group CEO Andrew Page said: “The Restaurant Group delivered a strong performance in 2012, notwithstanding some tricky conditions for consumer-facing businesses.
“Profits were well ahead of 2011 and cash generation was strong. Last year the TRG team worked relentlessly to deliver a great performance and the focus is now directed towards delivering further good progress in 2013.”
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