LONDON (Alliance News) - Richoux Group PLC Friday reported lower profit before and after tax for its most recently completed financial year.
The company has 17 restaurants, which operate under the Richoux, Dean's Diner, Villagio and Zippers brands.
In a statement, the company said profit before and after tax was GBP420,000 in the 52 weeks ended December 28, 2014. The prior year's profit before and after tax was GBP740,000. No tax was paid in either year.
Revenue increased to GBP12.7 million from GBP11.5 million.
Administrative expenses were up to GBP1.42 million from GBP1.36 million
Impairment of property, plant and equipment increased to GBP274,000 from GBP32,000 while a GBP150,000 cost was recorded for an onerous lease provision.
Chairman Philip Shotter said the company made a "positive start" to the new financial year, with its restaurants trading in line with expectations.
"We are pleased to confirm that we will be opening a new Richoux restaurant next to the Waitrose in the Gloucester Arcade off the Gloucester Road in London and are looking to build on this with further Richoux openings in order to exploit the considerable goodwill that exists in the Richoux brand. We will also be continuing the measured roll-out of the Dean's Diner concept by opening two further sites later in 2015 in Orpington and Hempstead Valley, Kent," the chairman said.
Shares in the company were up 19% at 23.25 pence on Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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