IRC expects a good end to the year
Manchester-based restaurant group Individual Restaurant Company, which operates 23 Piccolinos and 11 Restaurant Bar & Grills, anticipates a less challenging year in the second half of 2009 compared to the same period last year.
IRC, which managed to complete £2.6m fundraising last month to help reduce debt, said trading is in line with its expectations.
In announcement made prior to the release of its half-year figures, the company said: "Overall trading is in line with our expectations. As previously reported the Group recognised trading conditions would be more challenging in 2009 than 2008 with this being felt most acutely in the first half of 2009. Against this difficult background and supported by our implemented cost savings programme that will deliver £2m of savings in the current year, the Group's restaurants have performed well in the first half of 2009.
"Traditionally the Group's earnings have been heavily weighted towards the second half of the year and 2009 is no exception. Whilst predictability of future earnings is still difficult, trading in the second half of 2009 is likely to be less challenging year on year as it is compared with the period when the full impact of the economic downturn took hold.
IRC's half-year figures will be announced on 28 September this year.
