Prezzo plans 25 openings in 2013 as profits rise to £17.3m

Casual Italian dining chain Prezzo has seen its 2012 pre-tax profit increase 7.4% to £17.3m, as revenue jumped 17% to £144.5m.

The group said in the 52 weeks to 30 December 2012 gross or restaurant profit grew 12% to £20.9m, while adjusted operating profit excluding non-trading items rose by 11% from £16.4m to £18.3m.

Prezzo chairman Michael Carlton said: "I am pleased to report another set of strong results for the 52 weeks ending 30 December 2012. A pick-up in trading following the atypical sporting events of the summer, coupled with the continued momentum of our opening schedule has enabled us to deliver significant growth."

The company opened 31 new restaurants in 2012 bringing its portfolio to 210 sites. These openings included prime city centre locations in London, Manchester, Bristol and Bath, as well as Beaconsfield, Marlow, Southport and Chingford.

Prezzo also expanded its Chimichanga Mexican concept to a wider range of locations, including Bournemouth, Bromley, Ealing and Bury St Edmunds, with the brand now standing at 28 outlets.

Looking ahead, Prezzo hopes to open around 25 new restaurants by the end of the 2013, having started the year with its first launch in Northern Ireland in Victoria Square in Belfast.

Carlton added: "This is the fifth consecutive year that we have entered without a clear conviction that the UK economy can deliver sustained growth on any meaningful scale over the next twelve months. However, Prezzo has prospered during this period of uncertainty and we will continue to drive the business forward, striving for excellence in all that we do.

"With a strong development pipeline in place and the prospect of more settled trading patterns over summer 2013, the Board is confident of further progress in the year ahead."

Prezzo's Chimichanga brand to take over former La Tasca site in Bury St Edmunds >>