(An item published at 0959 BST misstated the date of the accounts in the headline and first paragraph. The correct version follows.)
LONDON (Alliance News) - Clear Leisure PLC Thursday said the 2014 SoSushi financial accounts have now been approved by that company's shareholders and it made a profit of EUR45,077 on revenue of EUR70,279.
Clear Leisure owns 99.3% of the Italian sushi restaurant chain after increasing its stake from 51% in January 2014. It has been restructuring and simplifying the business, re-signing the best franchises with improved contract terms and terminating those without adequate quality standards. The chain now comprises five franchises on the new terms, with four others under negotiation.
Clear Leisure said the average annual sales of a franchise are about EUR300,000, and SoSushi receives a monthly fee from each affiliated restaurant plus, from this year, 4% of the annual revenue of each franchised restaurant.
It's also started a programme to open directly-owned restaurants in the major capitals in Eastern Europe. It said the first one has already opened and has been operating profitably since January, although it didn't disclose the location.
AIM-listed Clear Leisure shares were up 1.2% at 1.62 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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