Caprice Holdings, the group that owns the Ivy, has recorded a fall in operating profits as "well-publicised cost increases" take their toll.
Caprice Holdings, which counts Le Caprice, J Sheekey, Daphne's, Scott's and Sexy Fish among its London restaurants, saw operating profits fall by £1.5m in the year to 31 December 2017, with earnings before interest, tax, depreciation and amortisation also falling by £1.3m to £11.1m.
This is despite turnover increasing to £67.7m, compared to £67.1m the previous year. Group like-for-like sales also increased by 2.1% thanks to a "fantastic" performance by Daphne's in London's Chelsea, which saw 11% like-for-like growth. Strong sales were also recorded at J Sheekey in the West End and the Ivy, which has seen a number of regional spin-off brasseries open in recent years,
Pre-tax profits stood at £9.2m, up from £8.7m and bolstered by £2m income from fixed-asset investments.
Accounts filed with Companies House described the results for the Richard Caring-owned business as "a creditable performance in a tough market."
It added: "Despite a strong sales and gross profit performance, this was more than offset by well-publicised cost increases in a number of key areas for the hospitality industry."