Tragus Group Limited ("Tragus"), one of the leading casual dining groups with 295 restaurants across the UK, announces its year end results for the twelve months to 29th May 2011.

Financial & Operational Highlights for the year ended 29th May 2011 - satisfactory sales performance for the Group, reflecting the strength and breadth of our brands, popular price points and value for money offerings

• Turnover up £5.4m (2%) to £277.4m 
• EBITDA of £41.2m 
• Highly cash generative with net cash flow from operations of £42m and available liquidity of £70m 
• Capital investment of £19.6m during the year for 11 new openings, refurbishments and maintenance
• New sites creating some 270 jobs
• Cash at bank and in hand at year end of £50m 
• Strada estate refurbishment programme 50% complete by year end

Strategic Highlights

• Expect to open between 15-20 restaurants in the next financial year and see great opportunity for our breadth of brands across the UK 
• Completion of the Strada refurbishment program in the current financial year
• Cafe Rouge brand being developed with trial express format and enhanced design trial
• Relaunch of websites for our key three brands
• Continued to invest in our people, sites and brand development

Outlook

The outlook for consumer spending remains challenging in the medium term. Customers continue to face pressures on their discretionary spending due to increased taxation, price inflation and uncertainty about the future.

Graham Turner, Tragus Chief Executive Officer, commented:

"Despite a tough environment, Tragus continued to grow its estate and increase its turnover. Profitability during the year has been adversely affected by margin pressure and the closure of sites being refurbished. However the business has delivered strong cash flows which were reinvested in eleven new sites and the on-going investment in our estate including the major refurbishment of Strada.

"With our strong breadth of brands and attractive customer offer we are well placed to benefit from the increasing trend for casual dining and eating out."