Prezzo delivers profits
RESTAURANT group Prezzo said new stores were on the menu yesterday as demand for its pizzas and fajitas helped profits sizzle despite the downturn.
Prezzo has prospered during this period of uncertainty and we will continue to drive the business forward
The company, whose shares rose 3p to 87¼p, said that profits for the 52 weeks to December 30 rose 11 per cent to £18.3million on sales, up 17 per cent to £144.5million.
Prezzo, which opened 31 new restaurants over the period , was helped by new offerings such as lighter pizzas. Its Chimichanga brand, which sells Mexican fare such as fajitas and burritos from 28 stores, also did well particularly in small market towns such as Bury St Edmunds.
The group will open 25 new restaurants, both Prezzo and Chimichanga, this year.
Chairman Michael Carlton said the success had come despite a stagnant economy and the disruption caused by last summer’s Olympics.
“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.
“However Prezzo has prospered during this period of uncertainty and we will continue to drive the business forward,” he said.