Wagamama owner serves up success as profits climb by £30m
The group behind restaurant chain Wagamama has announced that its profits in the first half of the year have increased by nearly £30m.
The Restaurant Group (TRG) reported today that it has seen EBITDA profits climb to £11.2m in the first six months of the year, up by £29.5m from losses of £18.3m in 2020.
TRG, which also owns Frankie & Benny’s, said that the upswing was largely due to the reopening of restaurants in the UK.
Its Wagamama brand saw a 21 per cent rise in like for like sales over the period, with the rest of its restaurants growing by 18 per cent. It also reported a 12 per cent sales increase at its network of pubs.
Andy Hornby, CEO of TRG, commented: “We have made good progress in the past six months, securing the refinancing and recapitalisation of the group in the first quarter before focusing our attention on the reopening of the business and welcoming back dine-in customers as government restrictions eased.
“I am particularly proud of the way that our teams have pulled together to support one another, ensuring a great experience for our customers and delivering a strong LFL sales outperformance versus the market.
“Whilst there are some well documented sector challenges to navigate in the short-term, particularly around labour availability and supply chain, we believe the Group is well positioned for the long- term.”
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