Restaurant Brands announces full year results for year ended 24 February 2014

9/04/2014 5:10:03 PM

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Group Net Profit after Tax (excluding non-trading items) was $18.9 million (19.3 cents per share), up 6.8% on prior year.

Total Group Revenue of $330.4 million was up $17.6 million (+5.6%) with growth from KFC and the roll out of the Carl's Jr. brand.

KFC sales continued to grow to a new high of $241.5 million despite competitive market conditions.

Pizza Hut and Starbucks Coffee continued to deliver solid same store sales growth, up 15.3% and 5.7% respectively.

The roll out of the new Carl's Jr. brand commenced in earnest with six new stores opened over the year, contributiong $12.4 million in incremental revenue and bringing store numbers to eight.

Total store EBITDA of $53.5 million was up $2.0 million (3.9%) on the prior year with a continued strong performance by Pizza Hut and Starbucks Coffee, together with positive earnings from Carl's Jr. offsetting slightly reduced margins in KFC.

Operating cash flows were $32.7 million, marginally down on prior year. Investing cas flows were $9.8 million favourable to the prior year with the impact of property sale and leasebacks and continued sell down of Pizza Hut stores. As a result new debt fell to $8.2 million at year end.

A final fully imputed devident of 10.0 cents per share will be paid on 27 June, making a full year dividend of 16.5 cents (up 3.1% on the previous year).