Graysons Hospitality sees pre-tax profit fall
Graysons Hospitality has reported a 91% fall in pre-tax profit to £76,000 (2013: £855,000) for the 12 months to 30 June 2014.
Annual turnover decreased 3.47% to £19.2m (2013: £19.9m) in the same period, while EBITDA was down 23% to £398,000 (2013: £517,000), according to documents filed at Companies House.
The caterer said the figures take into account the costs associated with restructuring the company following the sale of its education business to the Brookwood Partnership in May 2013.
It said: "Most of the expenses incurred in relation to the group relocation and reorganisation were accounted for as exceptional items in the ended 30 June 2013. There were, however, some further expenses in the year of some £136,000. This accounts for much of the operating loss of the group in the year."
Graysons Hospitality is the parent company of business & industry caterer Graysons Restaurants, venue operator Graysons Venues, party design and event caterer By Word of Mouth and its most recent brand, commercial restaurant operator Fulton's Restaurants.
"Based on the new business won over the past 12 months the directors consider that future periods will show further growth in sales and gross margin," the report concluded.
Graysons Venues announced two contract extensions last month, at the Royal College of Obstetricians and Gynaecologists and the Royal Over-Seas League, totalling £3m in value, while Fulton's opened its second site in August 2014.
Graysons signs £3m of catering contract deals >>
