Growth in property portfolio helps Loch Fyne hit record turnover, while further expansion continues apace
Loch Fyne Restaurants has posted its highest ever net turnover, in the year ended December 31 2006, on the back of continued expansion.
Turnover was £29million, up 17 per cent on 2005's figures, while EBITDA, before preopening costs, rose 23 per cent to £4.1m.
There were 29 Loch Fynes at the year end, including six new restaurants.
The target for the end of 2007 is 39, with 35 expected to be open by the end of June, including restaurants in Bluewater and St Albans. June will become the company's year end from now on.
Loch Fyne has also signed a license agreement with Sodexho to operate at cultural and sporting events.
Chief Executive Mark Derry said of the results: "Particularly pleasing, and a measure of the strength and depth of management at all levels, was our ability to expand our business geographically throughout the UK, whilst maintaining an increase in like-for-like sales."