New openings help profits rise at Frankie & Benny's owner Restaurant Group

New openings helped Frankie & Benny's and Chiquito owner Restaurant Group's profits climb in 2013, the company said today.

The group, which owns over 400 pubs and restaurants mainly in airports, leisure and retail outlets, said its pre-tax profit rose 13% to £72.7 million. Revenue grew 9% to £580 million and was up 3.5%, excluding the impact of new outlets.

Chief Executive Andrew Page said: "With the UK economy showing improvement, employment levels rising and inflation falling, there are good prospects for an improvement in household finances. This bodes well for our sector."

Restaurant Group said it had also had a good start to 2014, with like-for-like sales for the eight weeks to February 23 3.5% ahead of the same period last year.

Page announced last month that he would retire in August after 12 years with the firm, during which time the company's market value has grown from £75 million to £1.3 billion.

The firm, which said a search for Page's successor was ongoing, wants to open between 36 and 43 new restaurants this year, up from 35 in 2013.