Frankie & Benny’s and Wagamama owner TRG returns to profit
- The Restaurant Group made a £2.3m pre-tax profit for the half-year to 2 July
- Wagamama, Chiquito, and Frankie & Benny’s are operated by the business
- Since August 2019, the firm’s shares have slumped by approximately 72%
Frankie & Benny’s parent company has rebounded with a first-half profit despite the challenging conditions in the hospitality sector.
The Restaurant Group (TRG), which operates Wagamama, Chiquito, and Frankie & Benny’s, reported a £2.3 million pre-tax profit for the six months ending on July 2. This is a significant turnaround from the £28.5 million loss in the same period last year.
The company’s profitability was driven by lower impairment charges and a strong trading performance that increased turnover by 10% to £467.4 million.
Recovery: Frankie & Benny’s owner The Restaurant Group swung back to a first-half profit
TRG’s concessions business experienced the largest sales increase, with a 28% like-for-like growth, driven by the rebound in air travel following the lifting of pandemic-related restrictions.
At the beginning of 2022, the emergence of the Omicron variant impacted demand as it discouraged commuting to work and visiting hospitality venues
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
