Ask Central has set out a long-term plan to overtake PizzaExpress in the premium pizza market after announcing a 21.5% increase in turnover in 2002.
Chief executive Adam Kaye believes the UK market will support up to 350 restaurants across the brand, which currently operates 145 Ask and Zizzi restaurants. That level of market penetration would take the chain past rival PizzaExpress, which currently has 265 branches.
Pre-tax profits for the company rose 22.8% to £16.7m in 2002, from £13.6m in 2001, with turnover rising to £95.8m in 2002 from £78.9m the previous year. Ask Central credited these good results to the contemporary design of its restaurants, choosing the correct location, changing its menu and focusing on value and customer service.
"It remains a key part of our strategy to roll out new restaurants in good locations where we can develop a regular local clientele," said Kaye. "With a strong pipeline of new sites in place, it is anticipated that between 25 and 30 will be open by the end of the year."
Earnings per share rose 18.2% to 11.9p in 2002 from 10.1p the previous year while the group's operating margin rose to 17.4% from 17.3% over the same period.
Ask Central said trading had been encouraging during the first nine weeks of 2003. "These figures show we are resilient. [Despite the] war and the downturn in the economy, we still manage to produce a premium product for a good price," commented finance director Martin Eckersley.