Prezzo reports 18% sales leap and outlines plans for more restaurants
Casual-dining group Prezzo saw sales leap 18% to £123.9m last year, driven by new openings in prime locations, with more planned for 2012.
The company, which grew its estate to 184 restaurants, reported adjusted pre-tax profits were up 14% to £16.4m (2010: £14.4m) for the 52 weeks to 1 January 2012. Gross profit increased to £18.7m (2012: £16.2m).
Prezzo opened 27 new restaurants in 2011, with new city centre sites in Edinburgh, Manchester, Canterbury and York.
It also increased its presence in suburban London with new restaurants in Belsize Park, Mill Hill and Eltham, and achieved successful openings in regional towns such as Bishop's Stortford and Rugby.
Meanwhile nine restaurants were acquired and two were closed during the period, while 12 of the existing estate underwent extensive refurbishment.
The company described its development pipeline for 2012 as "exciting" as it outlined plans for further new openings in the recently redeveloped King's Cross railway station as well as Bath, Bristol and Cobham.
Its Chimichanga Tex-Mex concept was also given a vote of confidence with the announcement that on top of the two new openings in 2011, plans are afoot to reach the milestone of 20 branches trading.
Michael Carlton, chairman of Prezzo, described the outlook for the UK economy as uncertain but expressed confidence in the company's ability to perform.
He said: "After a sustained period of strong trading in the fourth quarter of 2011, it should perhaps not be too surprising that there has been some evidence that the UK consumer has been more cautious 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."
Prezzo profits up as it plans another 20 openings >>
Prezzo's branch margin hits 15% as profits rise to £7.3m >>
The Caterer Interview - Jonathan Kaye >>
By Janie Manzoori-Stamford
E-mail your comments to Janie Manzoori-Stamford here.
Catererandhotelkeeper.com jobs
Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs
