Restaurant group Prezzo says profits beat market expectations for the 52 weeks to the beginning of January as it continued to open new restaurants.
Profits before tax came in 14% ahead of 2010 at £16.4m; the market consensus had been for £16.08m. Revenues were 18% higher than the prior year at £123.9m, again beating expectations of £119.17m.
During the period, the firm opened 27 new restaurants (2010: 26), acquired nine (2010: 11) and closed two (2010: three).
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Prezzo will pay a dividend of 0.25p per share, slightly below expectations of 0.26p.
Prezzo shares have risen 21% since the beginning of 2012.
BS
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