Profits at pizza pasta restaurant group Prezzo have soared in its third year of trading, propelling it into the top 50 companies on the Alternative Investment Market.
On the back of a 67% growth in turnover to £37.4m for the year ending 1 January 2006, pre-tax profit grew from £4.1m to £6.4m (a 56% jump).
Chairman Michael Carlton said: “Trading is in line with management expectations and the directors view the future trading of the company with confidence.”
During the year the company opened 24 sites, taking its total to 72. It is currently fitting out six new restaurants and has more openings planned this year.
In addition to 57 Italian Prezzo restaurants, the group runs seven Mexican-themed Chimichanga sites, two Jonathan’s (pizza and pasta), four Ultimate Burger outlets and two iMMO cafés.
Prezzo raise more cash to fund expansion >>
Prezzo expansion drives turnover and profit growth >>
By Tom Bill
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