Final results for the 53 weeks ended 1st January 2017
Strategic highlights
We have completed the strategic reviews of our brands. While there is much work to do, we are confident in our plan to turnaround the business which has four key elements:
- Re-establish the competitiveness of our Leisure brands.
- Serve our customers better and more efficiently.
- Grow our Pubs and Concessions businesses.
- Build a leaner, faster and more focused organisation.
Price investment and proposition changes are underway, roll out of Leisure sites has been slowed down and £10m of cost savings have been identified for delivery in 2019.
Financial highlights
- Challenging trading year across the Leisure brands; good performance from Pubs and
- Total revenue up 3.7% to £710.7m.
- Like-for-like sales down 3.9%.
- Adjusted profit before tax* down 11.2% to £77.1m.
- Exceptional charge of £116.7m (H1 2016: £59.1m, H2 2016: £57.6m) primarily reflecting site closures, asset value impairments and provision for onerous leases.
- Statutory loss before tax of £39.5m (2015: statutory profit before tax £86.8m).
- Adjusted EBITDA* down 5.5% at £121.0m, adjusted operating profit* down 11.0% to £79.2m.
- Adjusted EPS* down 11.2% to 30.0p per share.
- Statutory loss per share of -20.1p (2015: statutory earnings per share 34.5p per share).
- Strong free cash flow of £78.9m.
- Full year dividend maintained at 17.4p per share.
- Current trading in line with our expectations.
* Pre-exceptional charge
Andy McCue, Chief Executive Officer, commented: “Having completed the strategic reviews of our brands, we are now pursuing a new and focused plan to turnaround and grow the business. TRG has significant scale advantages, a diverse portfolio of brands with strong brand awareness and is highly cash generative. However, there is much to change in our Leisure businesses to provide customers with better value and an improved experience while, at the same time, ensuring we continue to grow our Pubs and Concessions businesses. It will take time to effect the scale of change required and for customers to respond but I’m proud of how our colleagues are rising to the challenge. ”
The full results and details of all finances can be read here
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