Prezzo sees profits soar
Profits at pizza-and-pasta chain Prezzo have rocketed over the past year, increasing almost nine-fold to £4.1m.
In the 12 months to 2 January 2005, the Italian restaurant group saw its pre-tax profit soar by 782%, up from £470,000 in 2003.
The AIM-listed company more than doubled its turnover, which rose from £10.6m in 2003 to £22.4m last year.
Chairman Michael Carlton said: "This has been our company's second full year listed on AIM and I am pleased to be able to report a year of progress. Trading so far this year has been encouraging."
Over the 12-month period the company opened 24 restaurants, including sites in Bournemouth, Reading and Billericay, taking its total to 51. It plans to open a further five in the near future.
The year also saw the group open its first three Chimichanga restaurants, which specialise in Mexican cuisine. It opened restaurants in Braintree, Essex, Ipswich and Worcester.
by Tom Bill
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