By Emily Hawkins
The owner of the Wagamama restaurant group has seen sales surge in its half-year results, as an “uncertain consumer environment” looms.
The Restaurant Group said total sales hit £423.4m in the 26-week period to 3 July, versus £216.8m in 2021.
Diners returned to the group’s restaurants and pubs after the easing of Covid restrictions, with an adjusted EBITDA of £41.7m. This was compared to £11.2m in 2021, when the country’s hospitality venues were closed for a number of months.
The business also swung back into profit, posting an adjusted profit before tax of £10.2m versus a loss of £19.9m in 2021.
Wagamama saw its like for like sales up 11 per cent on 2019 levels.
The group was facing “ongoing significant cost pressures,” the statement acknowledged.
Industry chiefs have urged the government to issue emergency support for the hospitality sector in the face of sky-rocketing energy bills.
However, The Restaurant Group said its elevated headwinds had been “partially mitigated by decisive management actions,” including hedging all of its utilities for the next three years to “provide future certainty on the cost base.”
“Whilst the uncertain consumer environment presents challenges for the hospitality sector, the group is well positioned to further develop our brands to deliver long-term growth for all stakeholders underpinned by our strong balance sheet,” Andy Hornby, chief executive officer, said.
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