Last checked at 
LONDON (Alliance News) - Tasty PLC Tuesday said it more than doubled its profits and revenues in the first half of the year, due to reduced costs and higher sales.
The restaurant operator, known for Dim T and Wildwood restaurants, said that its pre-opening costs fell to GBP171,000, compared with GBP348,000 a year earlier, which led to higher profits and sales, and more than offset a 68% increase in financial expenses.
Tasty said its revenues rose 24% in the first six months of the year, to GBP10.98 million, compared with GBP8.9 million a year earlier, boosted by updated menus and an improvement in its food and labour margins.
It reported a pretax profit of GBP787,000 in the first half, compared with a pretax profit of GBP360,00 in the prior year. Its net profit came in at GBP614,000, compared with GBP360,00 a year earlier.
The group said that it now has 27 restaurants, and is currently looking at more sites for development, as it has the resources for new acquisitions. It said that to finance recent expansions it drew down a further GBP1.5 million from its bank loan facility, taking the balance to GBP2.5 million.
Tasty shares were up 1% or 1.00 pence Tuesday morning, trading at 98.50 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
Copyright 2013 Alliance News Limited. All Rights Reserved.
