The Restaurant Group reports like-for-likes down 1.8%: The Restaurant Group has reported like-for-like sales for the 20 weeks ended 21 May 2017 have declined 1.8%, with total sales decreasing by 1.5%. Ahead of the company’s annual general meeting today (Friday, 26 May), chairman Debbie Hewitt said: “In the period we saw strong performances from our concessions business, benefitting from strong growth in passenger numbers, and from our pubs business, helped by favourable weather. We continue to be focused on the turnaround of the leisure businesses, which benefited from cinema admissions having a good start to the year. Over the remainder of the year, growth in passenger numbers and cinema admissions is anticipated to moderate. The implementation of our strategy is progressing well as we make the required investments in price, marketing and our offer. 2017 is a transitional year. We continue to address the competitiveness of our leisure businesses and are focused on achieving a sustainable volume-led turnaround. Where opportunities to accelerate our progress present themselves, we will invest appropriately. Accordingly, we continue to expect to deliver a profit before tax outcome for the full year in-line with current market expectations. The group’s balance sheet remains strong and continues to benefit from good cash generation from our operations. Subject to approval at the annual general meeting, the final dividend in respect of the year ended 1 January 2017 of 10.6p per share will be paid on 7 July 2017 to shareholders on the register on 16 June 2017. This will make the full year dividend in respect of 2016 a total of 17.4p per share.”

 

Eagle Eye to raise £6m through share placing: Eagle Eye, the SaaS technology company that validates and redeems digital promotions in real-time for the grocery, retail and hospitality industries, is proposing to raise up to £6m through the conditional placing of up to 2,666,667 new ordinary shares at a price of 225p per share. The company said the net proceeds would be predominantly used to invest in operational and marketing capabilities to capitalise on recent momentum in the business and pursue growth opportunities. It said this was an opportunity to build on the UK success achieved to date, target expansion in Canada and North America and capitalise on the company’s partnership with TCC Global in Europe. A proportion of the net proceeds will also be earmarked to support any significant new customer wins. The company added: “The board expects to close the financial year ending 30 June 2017 slightly ahead of management’s revenue expectations as a result of small exploratory investments in key areas which have started to deliver early returns. Certain members of the board and persons discharging managerial responsibility have indicated an interest in subscribing for 678,870 placing shares, which at the placing price equates to approximately £1.5m in aggregate. The placing is conditional on the passing of the resolutions which are to be proposed at a general meeting on 12 June and admission taking place by no later than 13 June. Investec Bank is acting as nominated adviser and sole broker to the company.” Chief executive Tim Mason added: “Eagle Eye has delivered operational momentum and we are seeing increasing demand from retailers and brands for our proven and scalable technology to drive a structural shift in their digital marketing capabilities. The proposed placing will help Eagle Eye to significantly strengthen the marketing and operational capabilities that underpin our growth strategy and, ultimately, capitalise on our strong first-mover advantage to deliver additional value to our customers and shareholders alike.”