Industry experts forecast that the company is well placed to deliver pre-tax profit in the region of £5m-£7m on an annualised basis by the end of 2011.
The opening programme this year means that the group, which was named Restaurant Chain of the Year at the 2010 R200 Awards
, will have added 20 sites to its original seven in just two years by the end of 2011.
It opened ten venues in 2010 - located in Leeds, Cambridge, Reading, Cardiff, Covent Garden, Westfield, Liverpool, Glasgow and Birmingham. Sites are rumoured to be taking more than £3m each on an annualised basis, which means a total of 27 sites are likely to produce in excess of £70m of turnover.
Projections are based on the most recent results which show a total of seven sites - four of them, Brighton, Canary Wharf, Guildford and Cardiff open for a part year in the 2009-10 financial year - producing a total turnover of £19.4m and a pre-tax profit of £1.65m in the year to 3 January 2010.
A company statement at Companies House said: “(The ten restaurants opened in 2010) are trading above expectations.
“The directors are highly focused on ensuring that all new investments achieve excellent returns on investment. We adopt a rigorous approach to the capital investment appraisal of all new sites.
“This includes a detailed financial evaluation as well as demographic, competitor and market analysis.”
The future
“Looking forward, Jamie’s Italian is well placed to continue its profitable expansion - the company has a robust business model, distinct market positions and funding in place.”
First openings of 2011 are in Nottingham
and Bristol. Accounts for the year ending 4 January 2009 indicate how quickly Jamie’s Italian is growing - it turned over £3.7m and made a pre-tax loss before tax of £924,341.
The company has estimated total losses of just over £2m to carry forward against future trading profits.
