Individual Restaurant Company (IRC), the firm formerly known as Bank Restaurant Group (BRG), has reported a 175% increase in sales to £25.7m for the eight months to 30 June 2007.
Performance was driven by BRG’s reverse takeover of IRC in December, which added £16.6m to the group’s sales.
The company, which operates 25 restaurants under the Piccolino and Restaurant Bar & Grill brands, said that ebitda before non-trading costs rose 159% to £1.8m, while operating profit increased £500,000 to £600,000.
It said that sales in July and August were in line with expectations.
The group said that on a pro forma basis sales across its Piccolino and Restaurant Bar & Grill sites increased by 52% to £5.7m during the period, driven by six new openings completed last year and a further three completed to date in 2007.
The company said that sales at its Bank and Zinc & Grill restaurants fell 3%, excluding lost sales from the closure of Zinc Heddon Street and Zinc Manchester, which were converted to a Piccolino and Restaurant Bar & Grill respectively.
It said that its target of opening six new restaurants in the current year remains on track, with the three sites opened in the first half of the year in Liverpool, Sheffield and West Didsbury trading in line with expectations.
The company has secured sites in Ilkley, Tunbridge Wells and Exchange Square in the City of London, which it expects to open in the latter months of the second half.
It also said it has made excellent progress in bringing the Bank and Zinc restaurants in line with its two core brands.
In line with this process Bank Aldwych was sold for £3.5m in mid July, and is expected to create an exceptional profit on disposal of £1.3m in the current year.
The company has also closed the loss-making Zinc restaurant in Birmingham and is currently looking for a buyer for the site, with a wet-led operator a preferred choice.
The group said that due to new sites trading in line and the success of its transformational work on the Bank and Zinc estate that it intends to increase its opening programme for 2008 from six to seven restaurants.
Steven Walker, chief executive said: “The last few months have been a period of significant achievement with the previous Bank and Zinc restaurants either now converted to our Piccolino or Restaurant Bar & Grill formats or incorporating Restaurant Bar & Grill menus.
“Performance within the two key Piccolino and Restaurant Bar & Grill brands continues to be encouraging and we have now committed to accelerating our roll-out programme for 2008.
“We remain confident of reporting further progress in six months time.”
