Prezzo on course to open 30 restaurants in 2013 as half-year profits rise to £8.5m

04 September 2013 by
Prezzo on course to open 30 restaurants in 2013 as half-year profits rise to £8.5m

Casual Italian dining group Prezzo has seen its half-year pre-tax profits increase by 12% to £8.5m, with revenue jumping 17% to £79.7m.

The group, which operates 181 Prezzo and 33 Chimichanga restaurants, said that adjusted EBITDA for the 26 weeks to 30 June 2013 rose 14% to £12.6m.

During the first six months of the year, the company opened seven restaurants (three Prezzo and four Chimichanga) and closed one unit.

Since the end of June, the company has opened a further six restaurants and currently has 222 eateries, compared with a total of 194 by the end of 2012.

Further openings planned for 2013 include restaurants in Windsor, Leeds, Oxford and Wembley. By the end of the year, the group anticipates to have opened 30 new outlets in 2013.

Michael Charlton, chairman of Prezzo, said: "With this rate of growth in mind, we continue to strengthen the Prezzo team, with recent key appointments in the areas of property, supply chain and facilities management, to ensure that expansion is carefully managed and costs are well-controlled.

"We are very pleased with the first half performance and with our opening programme comfortably on track and providing some exciting opportunities over the remainder of the year, we remain confident of delivering a satisfactory outcome for the year as a whole."

Prezzo plans 25 openings in 2013 as profits rise to £17.3m >>" target="_blank" rel="noreferrer">
Prezzo to open four restaurants in August >>

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