Profits up 70% at BrightReasons

BrightReasons Group, the pizza and pasta restaurant chain, has announced buoyant full-year results as it prepares for a stock market listing.

Growth was especially strong in the North thanks partly to the acquisition of seven Pizza Gallery restaurants, six of which are in Scotland.

The results for the 52 weeks to 24 September 1994 showed a 70% increase in pre-tax profits to £6m and a 20% increase in turnover to £76m. It achieved an operating profit margin of 7.9%.

Chairman Michael Guthrie said the improved performance stemmed from the "dramatic changes" to the Pizzaland brand over the past three-and-a-half years and the roll out of the Bella Pasta brand since autumn 1991.

A flotation for the company had been planned for the end of 1994 but the difficult market conditions for new issues forced a postponement.

"We can go for a stock market listing any day now - the company is in superb shape. It's entirely down to market conditions and I cannot say when they will be right," said Mr Guthrie.

BrightReasons operates 168 restaurants, having added nine during the year. As well as the Pizza Gallery restaurants - six of which are now Pizzalands - the new additions include Pizzalands in Torquay and Southampton.

Expansion was "on track", said Mr Guthrie, with 10 new restaurants to be opened by Easter and a further six by the end of the financial year.

He added: "The big growth will be in our Bella Pasta brand, of which we hope to have 70 by the financial year end, through acquisition and conversion."

The two remaining Sweeney Todd restaurants will be rebranded this year.