info25 Nov 2006 18:53
22/11/2006 - Rapidly-growing restaurant operator Clapham House Group PLC has announced a near five-fold increase in adjusted pretax profit to 1.23 mln stg, up from 0.28 mln stg, on the back of its acquisition of Urban Dining PLC and a strong performance for its Gourmet Burger Kitchen (GBK) brand. The company reported "substantially" increased first-half turnover of 20.6 mln stg, up from 8.6 mln stg, as it hit 66 outlets from 29 at the beginning of the year, thanks largely to the incorporation of 31 Tootsies restaurants. In a telephone interview this morning, executive chairman David Page told AFX News, "We see the second half being more of the same, with the first half of next year being even busier." Page said Clapham House, which has opened 6 new locations in the past 6 months, is targeting 72 sites by March 2007 and 85-90 sites by March 2008. He added the company is looking in Manchester, Leeds, Birmingham and Nottingham, has exchanged on a site in Cambridge and is acquiring a site in Oxford, as the company plans further expansion of the GBK chain outside of London. Page said the group has seen "more than doubled" trade at a Tootsies restaurant in Ealing converted to the GBK format. Clapham House has two further conversions slated for the second half of the year, with the company considering further switches. However, Page played down the possibility of further restaurant brand acquisitions. "We haven't seen anything that interests us,&q