IRC Individual Rest

 

TIDMIRC 
 
RNS Number : 8497G 
Individual Restaurant Company PLC 
09 February 2010 
 

Individual Restaurant Company plc 
("IRC" or "the Group") 
 
Pre Close Trading Update 
 
Individual Restaurant Company plc, a leading operator of 33 premium casual 
dining restaurants throughout the UK trading under the Piccolino (22) and Bar & 
Grill (11) formats, today announces its pre close trading update for the year 
ended 31 December 2009. 
 
Trading Update 
 
The Group expects to report preliminary results for the year ended 31 December 
2009 ahead of market consensus at a profit before tax level. 
 
As previously reported, the Group recognised that trading conditions would be 
more challenging in 2009 than 2008 and implemented a cost saving programme to 
deliver GBP2.0m total savings in the year ended 31 December 2009. Full year 
savings have surpassed the GBP2.0m level. 
 
The Group has always maintained that long term financial success is delivered by 
a strong focus on the quality of our people, food, customer service and 
restaurant cleanliness. It has also long been a part of IRC's core strategy to 
resist entering the mass discounting market which has been widely practised 
across the restaurant sector and as a result there has been no erosion in the 
Group's gross profit margin against last year. 
 
Banking Facilities 
 
Net debt as at 31 December 2009 of GBP12.4m is significantly lower than at the 
end of 2008 (GBP15.8m). The Group is financed by an GBP18.5m loan facility of 
which GBP6.1m remained unutilised at the year end. The Group expects all 
covenant tests at 31 December 2009 to be passed comfortably. 
 
Future Outlook 
 
The Group anticipates that trading conditions will remain challenging in 2010 
with continuing pressure on consumer spending. 
 
In common with most of the industry, trading over the first two weeks of 2010 
was affected by the adverse weather conditions which kept many customers at home 
during that 10 day period.  The impact of these conditions was felt most acutely 
outside of the South East of England where a disproportionate number of the 
Group's restaurants are based. Nevertheless, trading has since returned to the 
levels expected by the Board. 
 
 
Preliminary Results 
 
The Group's preliminary results will be announced on 19 April 2010. 
 
Stephen Walker, Chief Executive of IRC, commented: 
 
"I am pleased to report another sound trading performance in what remains a 
challenging market.  We remain committed to a focus on our core customer values, 
whilst maintaining tight cost control and improving efficiencies across the 
Group. 
 
"IRC benefits from two strong restaurant brands with demonstrable roll out 
potential for both Piccolino and Bar & Grill on a national scale.  The Group is 
well placed to capitalise on an improvement in the consumer environment as that 
materialises and the Directors remain confident in the future prospects for the 
Group." 
 
 
9 February 2010 
 
 
+------------------------------+------------------------------+ 
| Enquiries:                   |                              | 
|                              |                              | 
+------------------------------+------------------------------+ 
| Individual Restaurant        |                0161 839 5511 | 
| Company plc                  |                              | 
+------------------------------+------------------------------+ 
| Steven Walker, Chief         |                              | 
| Executive                    |                              | 
+------------------------------+------------------------------+ 
| Vernon Lord, Finance         |                              | 
| Director                     |                              | 
+------------------------------+------------------------------+ 
|                              |                              | 
+------------------------------+------------------------------+ 
| Altium                       |                0845 505 4343 | 
+------------------------------+------------------------------+ 
| Mike Fletcher                |                              | 
| David Foreman                |                              | 
+------------------------------+------------------------------+ 
|                              |                              | 
+------------------------------+------------------------------+ 
| College Hill                 |                020 7457 2020 | 
+------------------------------+------------------------------+ 
| Justine Warren               |                              | 
+------------------------------+------------------------------+ 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTLLFFDFEITIII 
 

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