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).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
