Recipe Unlimited reports $3.41bn total system sales for 2018

8th March 2019 (Last Updated March 8th, 2019 12:18)

Canada-based full-service restaurant company Recipe Unlimited has reported total system sales of $3.41bn for the fiscal year ending 30 December 2018 (FY2018), a 22.9% increase compared to $2.78bn in 2017.

Canada-based full-service restaurant company Recipe Unlimited 2018 sales have been released.

With total system sales of $3.41bn for the fiscal year ending 30 December 2018 (FY2018), a 22.9% increase compared to $2.78bn in 2017.

The increase in system sales was primarily driven by same restaurant sales growth for the year, the addition of Pickle Barrel in December 2017 and The Keg in February 2018.

The restaurant company reported a 1.3% increase in same restaurant sales, compared to the same period the previous year.

The company also reported total gross revenues of $1.19bn, compared to $832.7m in 2017.

“On the strength of our free cash flow, we are pleased to enhance our shareholder returns with a 5% increase in our dividend for the second consecutive year.”

Operating EBITDA of the company increased 15% to $219.6m, compared to $191m in the previous year.

Recipe Unlimited CEO Frank Hennessey said: “2018 was a successful year for Recipe as we continue to deliver strong and consecutive quarter-over-quarter growth in system sales, operating EBITDA and free cash flows.

“After the acquisition of St-Hubert in 2016, we revised our long-term growth targets to include target ranges for system sales of $2.9 to $3.7bn and EBITDA of $203.0 to $296.0m.

“In 2018, growth in our core business as well as the merger with the The Keg helped us achieve total System Sales of $3.4bn and Operating EBITDA of $219.6m, putting us well within the range of our 2020-2022 long-term targets.”

“For 2018, the company generated approximately $164m of free cash flow before growth capex, dividends, and share buy backs. On the strength of our free cash flow, we are pleased to enhance our shareholder returns with a 5% increase in our dividend for the second consecutive year.”

In addition, the company also reported basic earnings per share (EPS) of $1.20 and diluted EPS of $1.16 for the full year of 2018, compared to basic EPS of $1.84 and diluted EPS of $1.77 during 2017.