Prezzo profits up, 20 sites planned for 2012

In a year that saw the casual dining concept open 27 new sites, Prezzo saw adjusted pre-tax profit at £16.4m on revenue, up 18 per cent to £123.9m. Adjusted EBITDA also increased, by 17 per cent to £22m.

The Group’s chairman, Michael Carlton said: “Our development pipeline for 2012 is exciting. In addition to the three units we acquired in December 2011, we have opened a new central London operation within the redevelopment of Kings Cross railway station​ and there will be openings in Bath, Bristol and Cobham.

“We also have increasing confidence in our Chimichanga Tex-Mex concept and after adding two more successful units in 2011, further planned openings in 2012 will take us forward to the milestone of 20 branches trading.

“Taken together with other opportunities that we are progressing, we would once again anticipate opening around 20 new restaurants over the course of the year and we are also developing the supporting infrastructure across the business to equip us for further sustained growth in the medium term.”

Uncertainty​

Prezzo’s total estate now stands at 189 sites. Despite the continual growth, Carlton went on to reveal his uncertainty at the economic future for businesses across the UK.

“After a sustained period of strong trading in the fourth quarter of 2011, it should perhaps not be too surprising that there has been some evidence that the UK consumer has been more cautious in the early months of 2012.

“Despite this, the business continues to grow steadily and to further strengthen the presence of its brands in the UK marketplace. Like any other year, I am certain that 2012 will present us with attractive opportunities and as a board we are confident of delivering solid growth in the year ahead.”