Prezzo half year profit hits £8.8m

11 September 2014 by
Prezzo half year profit hits £8.8m

Casual Italian dining group Prezzo has reported a 7.8% jump in pre-tax profit and 15.8% growth in revenue for the 26 weeks to 29 June 2014.

Profit before tax was £8.8m, up from £8.1m in 2013, while revenue has soared to £92.4m for the first six months, up from £79.7m in 2013.

The company opened nine new venues, including seven Prezzo and two Chimichanga restaurants, and closed two sites in the period, taking the total estate to 244 trading units.

The pipeline for further openings over the next 18 months was described as "well developed" and restaurants in Newcastle, Telford and Newquay among the approximate total of 25 the company plans to have opened by the end of the year.

Michael Carlton, Prezzo chairman, said: "Our sales growth in the first quarter of the year was exceptionally strong and while we have continued to deliver good and steady growth in subsequent months, the overall rate of growth has moderated in the second quarter and beyond.

"Nevertheless, with a strong set of new openings thus far in 2014, we remain confident of delivering a satisfactory outcome for 2014 as a whole."

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