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Healthcare

BRIEF-Restaurant Group Sees Overall Decline In Group Total Sales Of C. 50% In FY2020 Assumed Down 60% In H1

April 8 (Reuters) - Restaurant Group PLC:

* COVID-19 UPDATE

* OVERALL DECLINE IN GROUP LIKE-FOR-LIKE SALES OF C. 45% IN FY2020 ASSUMED TO BE DOWN 60% IN FIRST HALF

* CAPITAL EXPENDITURE HAS BEEN REDUCED TO NO MORE THAN £30M FOR FY2020

* HAS ACCESSED GOVERNMENT FURLOUGH SCHEME TO ENSURE ONGOING EMPLOYMENT OF OVER 20,000 EMPLOYEES

* NOW ESTIMATES UNDER THIS SCENARIO THAT ADJUSTED EBITDA FOR FINANCIAL YEAR ENDING 27 DECEMBER 2020 WILL BE BETWEEN £45M AND £55M

* FOOD AND FUEL AND CHIQUITO STATUTORY ENTITIES HAVE BEEN PLACED INTO ADMINISTRATION

* ADJUSTED EBITDA FOR FINANCIAL YEAR ENDING 27 DECEMBER 2020 WILL BE BETWEEN £45M AND £55M

* NOW ESTIMATES NET DEBT IN REGION OF £310M TO £320M FOR FINANCIAL YEAR ENDING 27 DECEMBER 2020

* ESTIMATES NET DEBT IN REGION OF £310M TO £320M FOR FINANCIAL YEAR ENDING 27 DECEMBER 2020

* FORECAST A MINIMUM OF £60M OF CASH LIQUIDITY THROUGHOUT REMAINDER OF 2020 FINANCIAL YEAR

* RESTAURANT GROUP SEES OVERALL DECLINE IN GROUP TOTAL SALES OF C. 50% IN FY2020 ASSUMED DOWN 60% IN FIRST HALF Source text for Eikon:[ID:urn:newsml:newsroom:20200408:nRSH2730Ja:0] Further company coverage:

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