Individual Restaurant Company (IRC) this morning said that trading for the six months to 31 December 2007 was in line with expectations despite conditions being more challenging in the closing months of the year.
However, the company, formerly known as Bank Restaurant Group (BRG), said it was cautious regarding the outlook for the year ahead.
It said that sales in December were up 13% compared to the previous year, which included the sales from Bank Aldwych and Zinc Birmingham, both of which were sold during the year.
The group said that excluding these two restaurants total sales in December increased 26% on the previous year.
It said that sales growth was primarily driven by six new openings during the year, comprising four Piccolinos and two Bar & Grills.
The company plans to open seven restaurants in the current year and said its pipeline of sites looked strong.
It said that it anticipated that its preliminary results, which will be announced on 31 March, will be in line with its expectations.
Stephen Walker, chief executive of IRC, said: “I am pleased to report positive trading over the Christmas period and the continued marked improvement from the integrated Bank and Zinc restaurants which is testament to the strength of our brands in view of ongoing challenging market conditions.
“Whilst the current uncertain consumer environment leaves us with a more cautious outlook over the year ahead in line with other operators, we remain confident the broad appeal of both the Piccolino and Restaurant Bar & Grill concepts will continue to underpin a resilient performance from the group over the longer term.”
It said that its conversion of a number of former Zinc sites to its leading two brands and the introduction of the Restaurant Bar & Grill menu into the Bank restaurants at Westminster and Birmingham had been successful, with a marked improvement in trading at all these locations.
