Ping Pong group reports 10% sales rise in ‘transformational' year

Dim sum restaurant chain Ping Pong has announced a 10% rise in like-for-like sales and a 32% increase in operating EBITDA.

The strong results for the financial year 2014-15 have prompted the company to herald the previous 12 months as "transformational".

Like-for-like sales increased 10% to £15.25m, with operating EBITDA (earnings before interest, tax, depreciation and amortisation) up to £2.9m. Group EBITDA was at £1.6m, more than double the previous year.

The results follow the appointment of chief executive Art Sagiryan in late 2013 to undertake a review of the business, precipitating the creation of a new management team.

Sagiryan said that the successful results would help to support the group's plans to expand into further central London locations, and that the company was already looking at a number of areas with the right demographic makeup to sustain a Ping Pong site.

He added: "This is a very strong set of results for Ping Pong and is testament to the hard work the team have put into delivering product innovation, customer service, store management development and improved controls."

Founded in 2005 by restaurateur Kurt Zdesar, Ping Pong now operates nine sites and employs more than 400 people across London, including in Soho, Southbank, St. Paul's, Wembley, Stratford, and St. Katharine Docks. It also has venues in Dubai and Washington DC.

Its menu focuses on dim sum, sharing dishes, Asian-inspired cocktails and Chinese teas.

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