Higher FY profit /Upbeat outlook9 Apr 2014 11:02
Great results Guys. Nice summary on HL Prezzo Page. Prezzo serves up higher FY profit and upbeat outlook.
British restaurant chain Prezzo forecast the UK economic recovery would boost appetite for its pizzas and fajitas as it unveiled tastier annual profits.
Prezzo, which has 238 restaurants trading under the Prezzo, Chimichanga and Cleaver brands, said there were signs that the fundamentals of the UK economy were improving.
The group is hoping to cash in on an upturn in people eating out after weathering tough trading in the recession and disruption from the 2012 London Olympics.
"Having delivered a continuous record of growth throughout its recent period of difficulties, there is every reason to be positive about our future performance," Chairman Michael Carlton said.
Prezzo's adjusted pre-tax profit in the 52 weeks to December 29th rose 11% to £20.4m on a 15% increase in revenue to £166.5m.
It opened 28 new restaurants in 2013 against 31 in 2012 and closed one, giving it 237 in the period, included 194 Prezzo outlets, 37 Chimichanga Mexican restaurants and four trading as Cleaver, a new grill concept launched last summer.
The group boosted its final annual dividend by 13% to 0.31p.