Prezzo serves up profit rise as expansion continues

Shares of restaurant group Prezzo rallied as investors cheered a robust set of annual results and a confident outlook for the year ahead.

Shares of restaurant group Prezzo rallied as investors cheered a robust set of annual results and a confident outlook for the year ahead.

The group, which operates 211 restaurants offering pizza, pasta, salad and grill, said revenue rose 17% to £144.5m for the 52 weeks ended December 30th 2012 while adjusted EBITDA climbed 16% to £25.5m.

The group expects to open 25 new restaurants by the end of 2013.

Adjusted pre-tax profit rose 11% to £18.3m while statutory pre-tax profit increased to £17.3m from £16.1m. Adjusted diluted EPS rose 13% to 5.90p.

"A pick-up in trading following the atypical sporting events of the summer, coupled with the continued momentum of our opening schedule has enabled us to deliver significant growth, with adjusted pre-tax profits," said Chairman Michael Carlton.

The group has recommended a final dividend of 0.275p per share up from 0.250p before.

"With a strong development pipeline in place and the prospect of more settled trading patterns over Summer 2013, the board is confident of further progress in the year ahead," the group said.

CJ

Recommended

Britain’s ten most-hated shares – w/e 20 May
Stocks and shares

Britain’s ten most-hated shares – w/e 20 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
23 May 2022
Britain's most-bought shares w/e 20 May
Stocks and shares

Britain's most-bought shares w/e 20 May

A look at Britain's most-bought shares in the week ending 13 May, providing an insight into how investors are thinking and where opportunities may lie…
23 May 2022
Director dealings w/e 20 May: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 20 May: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
23 May 2022
Three high-yielding FTSE 250 dividend stocks I’d invest in right now
Share tips

Three high-yielding FTSE 250 dividend stocks I’d invest in right now

The average FTSE 250 dividend yield is around 2.4%., but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income inve…
23 May 2022

Most Popular

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022