LONDON (Alliance News) - Richoux Group PLC on Tuesday reported a fall in profit in its last financial year due to increased restaurant pre-opening costs as it expands its portfolio across the UK.
The restaurant owner, which operates under the Richoux, Dean's Diner and Villagio brands, said its pretax profit in the year ended December 27 fell to GBP365,000 from GBP420,000 the year before, after pre-opening costs rose to GBP181,000 from GBP35,000.
Revenue, meanwhile, grew to GBP13.0 million from GBP12.7 million.
Three restaurants were opened in the year, meaning Richoux now trades from 21 restaurants. A further site was opened since the year-end, and it plans to open a further two sites in the current year, with a third secured for 2017.
"The group will continue to acquire new sites, particularly focusing on its Dean's Diner and Richoux concepts as these are perceived to offer the greatest scope for development within what is an evolving and increasingly congested restaurant market. The group will also consider further Villagio openings if the right sites become available," Richoux said in a statement.
Shares in Richoux were untraded on Tuesday, last quoted at 22.50 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
