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D&D London “pretty happy” with financial performance, despite disappointing August and September

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D&D London “pretty happy” with financial performance, despite disappointing August and September

Restaurant group D&D London, which operates 36 restaurants in London, Leeds and New York, Paris and Tokyo, as well as South Place hotel in London, has declared itself “pretty happy” with its financial performance in the year to 31 March 2017.

Turnover at the group, which counts London’s Coq d’Argent, Paternoster Chophouse and Aster among its stable of restaurants, rose 16% over the period to £125m.

Earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDA) were up 1% to £13.1m.

Trading since the end of the period has been volatile, according to the group, with a “disappointing” August and September, which D&D London blamed on poor weather.

The company relaunched Bluebird in London’s Chelsea during the year to 31 March 2017 (in September 2016), as well as launching Aster under chef-patron Helena Puolakka in February 2017.

Overall like-for-like sales rose 3% over the period, with revenues from a full year’s trading at German Gymnasium in London’s King’s Cross and at 100 Wardour Street in London offset by the closure of Bluebird for refurbishment.

Among the group’s top performers were Paternoster Chophouse near St Paul’s cathedral in London, which enjoyed a 25% increase in like-for-like revenue, Quaglinos, which was up 11%, and Gustavinos in New York, which was also up 11%.

Commenting on the figures, D&D London chief executive Des Gunewardena said: “In a year of great political and economic uncertainty surrounding Brexit and in the context of cost inflation on all fronts, we were pretty happy with these results. £125m was our highest ever annual revenue. In terms of new ventures German Gymnasium has been one of our most successful openings of recent years and our various recent refurbishments, such as 100 Wardour Street and Bluebird, though adversely impacting short-term profits, will contribute to growing profits in future years despite potentially strong economic headwinds.

“The current financial year started well but a poor late summer weather-wise has held back revenue growth. The pattern of trading we are experiencing is volatile with strong months interspersed with relatively poor months.  Underlying revenues in June were strongly up on last year, but August and September have been disappointing. We expect this uncertain pattern of trading to continue in the short term but we remain firmly confident about D&D’s prospects long term.”

D&D London is due to launch Fiume in Battersea Power Station in November this year, a new rooftop restaurant in Spinningfields in Manchester, and Bluebird at Columbus Circus in New York next year.

D&D London to open New York restaurant >>

D&D London hits record turnover in 10th anniversary year >>

 

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