Losses rise to £5.5m at FishWorks

28 November 2008 by
Losses rise to £5.5m at FishWorks

Restaurant chain FishWorks saw full-year pre-tax losses rise to £5.5m but expects an improved performance next year as it benefits from cost cutting schemes

Unveiling results for the year ended 31 July 2008, the company said pre-tax loss on continuing operations grew to £5.5m (2007: £1.6m).

Turnover of continuing operations rose 6% to £9.7m while like for like sales increased by 5.1%.

Gary Ashworth, chairman of FishWorks said: "The year has seen the comprehensive overhaul of the business. Significant cost savings have been achieved centrally, whilst operational controls within restaurants are now delivering improvements in margin whilst also dropping payroll costs."

"Against a backdrop of cost-price inflation considerable focus has been placed on margin control and supplier negotiations and the directors anticipate that this will impact results positively for the coming year," he added.

Ashworth said the group said it remains cautious regarding the financial outlook but added that market conditions will also present good opportunities in the coming months.

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By Daniel Thomas

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