Richoux, the AIM-listed restaurant operator, saw EBITDA grow from £660,000 to £740,000 in the 28 weeks to 14 July as it reiterated plans to secure new sites.
Turnover for the 16-strong group, which opened three sites in the period and has one under construction, increased 13.5% to £5.8m. Pre-tax profit grew from £401,000 to £451,000 and operating profit increased from £394,000 to £428,000.
Gross profit before pre-opening costs percentage increased from 12.5% to 14.7% (December 2012: 15.5%). Administrative expenses for continuing operations of £370,000 (July 2012: £340,000) were “in line with expectations”.
The company had four Dean’s Diners trading in the period. A further restaurant is due to open in Bicester in early November 2013. “The restaurants are trading in line with board expectations,” said chairman Philip Shotter.
It has two Zippers restaurants, one of which opened last month in Port Solent. They continue to trade “in line with board expectations”.
The four Richoux café brasseries have also traded in line with expectations. In addition, the firm operates six Villagio Italian restaurants.
Shotter said: “The group is pleased to report a solid set of results and our focus is on expanding the Dean’s Diner and Zippers brands.
“The group will continue to acquire new sites, particularly focusing on its Dean’s Diner and Zippers American Restaurant, Bar and Grill concepts as these are perceived to offer the greatest scope for development within what is a congested and evolving restaurant market.
“The group will also consider further Villagio and Richoux openings if the right sites become available. The group has funds for this next stage of openings due to existing cash reserves and the fact that the business is cash generative.”
As at the end of the period, the group held cash of £4.07m (December 2012: £4.06m).
Capital expenditure of £0.96 million was incurred in the period, predominantly on the fit out of the new Villagio restaurant in Chiswick and the new Dean’s Diner restaurant in Fareham.
Directors did not recommend payment of a dividend.
