Gordon Ramsay Group returns to profit for first time since 2012
The Gordon Ramsay Group has announced a return to profit for the first time since 2012, driven by "strong trading" across its 14 London restaurants, according to audited results for the year ending 31 August 2016.
The 31-strong group reported profit after tax of £739,000, up from £2m loss the previous year, and revenue up 3.2% to £51.9m.
It also revealed that adjusted EBITDA at £4.4m (£5.5m in 2015) was impacted by rent reviews, investment and a quieter Christmas trading period following the attacks in Paris in 2015.
The group signed a 10-year contract with Heathrow Airport to retain its Plane Food site at Terminal Five late last year.
The results come a few days ahead of the sentencing of Ramsay's father-in-law Chris Hutcheson and his two sons, who have pleaded guilty to computer hacking.
Stuart Gillies, chief executive of Gordon Ramsay Group, said: "We are delighted to report another year of solid revenue growth for the group as well as a return to profitability. These results have been achieved through good trading across our portfolio of renowned, world-class London restaurants and the excellent performance of our international operations.
"Despite an uncertain macroeconomic environment, we are seeing a buoyant dining scene in London and we are well-positioned to capitalise on our continued growth while also expanding internationally."
Ramsay said: "Our last financial year was a pivotal one for the group. Our strategy of creating and incubating exciting new restaurant brands in London, like Bread Street Kitchen, and launching them across the world has been highly successful."
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