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Wagamama owner The Restaurant Group upgraded its outlook on profitability as 'strong' trading and cost cuts bolstered performance.
The company said it now expected the group's fiscal 2021 adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, would be at the top end of the range and fiscal 2021 year-end net debt would be less than £180 million.
The upbeat outlook arrived even as fourth quarter performance was impacted by a pandemic restrictions imposed in December.
In both the restaurant and pubs markets like-for-like sales were 10% to 12% lower in December than in October and November.
'Whilst we are encouraged with the recent Government announcement that all "Plan B" restrictions will be lifted next week, we expect consumer confidence may take longer to recover,' the company said.
'We are also mindful that the recovery in air passenger volumes remains dependant on the timing of changes to both UK and International restrictions.'