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LONDON (Alliance News) - Restaurant operator Tasty PLC Monday said profits increased in its last financial year, driven by a 20% increase in revenues during the year, as its continued to expand the business.
Revenue for the year ended December 29, 2013, was up 20% on last year to GBP23.2 million, up from GBP19.3 million the year before, which drove a 12% increase in its pretax profit of GBP1.7 million, up from the GBP1.6 million reported a year earlier.
Tasty said it also improved its gross margin during the year, although the group did not recommend the payment of a dividend for the year, the same as the previous year.
The group said that it continued to expand during the year, adding five new sites to its estate, operating a total of 28 restaurants by the end of the year, with further site openings since year end. The group said it has a number of other sites already in the pipeline, at various stages of completion and negotiation.
"The rate of development will accelerate in the medium term, with the group securing funding through the share placing and increased banking facilities during the period. Openings in the coming 12 months will expand the UK geographical footprint of the estate," the company said in a statement.
Tasty shares were trading 0.84% higher before midday Monday at 117.50 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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