Clapham House ‘positive' despite 20% drop in interim profits
Profits at restaurant group Clapham House have dropped nearly 20% in the first half of the financial year but the Gourmet Burger Kitchen and Real Greek operator said it was positive about the future as it focused on two "robust" brands.
The company, which put its subsidiary Tootsies into administration earlier this year, reported pre-tax profits of £1.6m for the six months to 27 September, down from £2m last year, after it was hit by higher administrative costs.
Revenue increased by 13% from £20m to £22.5m for the six-month period, which saw the group open two new restaurants in the UK.
Clapham House chairman David Page said that, despite the difficult economic environment in the UK, the group was pleased to have reported growth in sales and maintained profitability in its Gourmet Burger Kitchen and Real Greek businesses.
"We are now focused on two robust, growing and cash generative restaurant businesses that are set to benefit as the UK economic environment improves," he added.
Clapham House said it had no plans to open any new restaurants in the UK this financial year.
Tootsies collapses into administration >>
Restaurant discounts are hurting net margins, warns Clapham House >>
The Real Greek joins FSA menu labelling scheme >>
By Kerstin Kühn
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