LONDON (Alliance News) - Richoux Group PLC on Tuesday said its revenue dropped 17% in 2017, but loss narrowed following the restaurant closures.
The operator of the Richoux, Friendly Phil's and Broadwick restaurants, as well as a group of Italian restaurants, said its loss narrowed in 2017 to GBP4.5 million from GBP6.7 million the year earlier, despite a fall in revenue to GBP11.0 million from GBP13.3 million.
Richoux said it currently operates 17 restaurants, after some restaurants were rebranded or closed. The company said it booked a GBP2.7 million property impairment in the recent year, down from GBP5.0 million reported the year before.
"Like many restaurant groups in the casual dining sector, trading during 2017 has been difficult," said Chairman Simon Morgan.
"In addition, during this period trading in some of our restaurants was interrupted whilst we converted or refurbished them. The impact of temporary closures will continue during 2018," Morgan added.
Shares in Richoux were trading 18% lower at 7.00 pence each on Tuesday following the announcement.