Restaurant group enjoys healthy profits
RESTAURANT chain Prezzo, which has four outlets in the West Midlands, has announced a 14.6% rise in adjusted full year pre-tax profits with revenue up 18%.
The results for the year to January 31, 2012 show revenue at £123.9m (2010: £104.8m), with adjusted pre-tax profit at £16.4m (2010: £14.4m).
The group said the results were partly down to the expansion of its estate, a move which saw it open a new restaurant in Rugby last year to go with the venues it already has in Bromsgrove, Leamington Spa and Stratford-upon-Avon.
In total, the group opened 27 new restaurants last year (2010: 26), acquired nine existing outlets (2010: 11) and closed two (2010: three).
It said it anticipated further openings this year, with a focus on London due to the expected increase in visitor numbers, while new concepts would be rolled out across it menus.
Michael Carlton, Prezzo chairman, said: “Taken together with other opportunities that we are progressing, we would once again anticipate opening around 20 new restaurants over the course of the year and we are also developing the supporting infrastructure across the business to equip us for further sustained growth in the medium term.”
He said the group had enjoyed a strong fourth quarter but there was caution the uncertain economy would lead to a subdued performance in the early months of 2012.
“Despite this, the business continues to grow steadily and to further strengthen the presence of its brands in the UK marketplace. Like any other year, I am certain that 2012 will present us with attractive opportunities and as a board we are confident of delivering solid growth in the year ahead,” he added.
