Gourmet Burger Kitchen (GBK), the Capricorn Ventures-backed group, reported a narrowing of pre-tax losses in the year to 23 February 2014, as it saw turnover increase 24% to £50.5m.

The 60-strong company, which is understood have continued to report positive like-for-like growth since the year end, saw pre-tax losses narrow from £687k to £118k, despite an increased interest payment of £1.3m, while it saw a 63% increase in profit before restaurant opening costs, cost of fundamental reorganization and interest for the period, to £1.9m.

Gross profit increased by 26% TO £20.5m, while gross profit margin was 40.5% (2013: 39.8%).

The Alasdair Murdoch-led group opened three new sites during the period.

It has lined up three further openings for its current financial year.

The group is close to securing new sites at the Regent Circus development in Swindon; the Exchange in Aylesbury and in Widmore Road, Bromley.

It has also upgraded two thirds of its 60-strong estate and is understood to be seeing good ROI from those restaurants already refreshed.

Last month, it secured an opening for later this year in Watford, after taking a new lease on a 3,200sq ft site, which is part of the former Waterstones unit in the Intu scheme in the town.

It plans up to 10 new openings over the next 12 months.

Earlier this year, the company exchanged on sites in St Vincent Street, Glasgow and Regent Place, Leamington Spa, with the latter set to open this summer.

The group has already strengthened its long-term pipeline by securing three openings for 2015/2016.

It has signed on units in Newport’s Queensbury Scheme, Stoke’s intu development and at Bracknell L&G development.