Worth Consideration9 Apr 2008 13:22
A 23% increase in full year profits at Italian restaurant chain Prezzo met expectations, and the firm said it has made a satisfactory start to the year during the first quarter.
Profit before tax and an exceptional charge of £2.9m jumped to £10.7m in the 52 weeks ended 30 December 2007, up from £8.7m the year before, on revenue 29% higher at £70.1m.
Prezzo, which opened 32 new restaurants during the period, said current trading is in line with expectations. It now runs 130 restaurants, with another five in the pipeline.
“The challenging outlook for the UK consumer and the wider UK economy has been well documented and we have been mindful of this change in backdrop in developing our plans and expectations for 2008,” said the company.
“'Whilst the consumer environment remains challenging, we have made a satisfactory start to trading in the current year,” added boss Jonathan Kaye.
The group has proposed a final dividend of 0.20p per share, up 14% on last time. orth