Pizza Union continues to search for central London sites having recorded improved sales trends and annual net profit in 2023.

In its latest financial results published on Companies House, the express pizza bar brand said it was are negotiating on a few potential new sites.

During the 52 weeks from 2 January 2023 through to 31 December 2023, sales increased 2% from £8,035,395 in 2022 to £8,184,298 in 2023.

Despite the continued challenging broader trading environment, the company recorded a net profit of £395,444 for 2023 as compared to a net loss of £434,746 for 2022.

Founder and MD Bobby Hashemi said Pizza Union continues to build brand awareness across its existing 6 sites in Central London. 

“Throughout the period we experienced improved sales trends as the post-pandemic gradual return to office got momentum.

“During the period we managed our cost of goods in the inflationary environment, as well as keeping control of labour costs given sector staffing challenges, and in the second half benefited from lower utility costs post the material spike the previous year,” he added.

Considering future risks for the company, Hashemi said in his directors’ report that the UK economy is continuing to face material inflationary pressures - that are directly affecting the business across most cost lines.

These cost increases have impacted margins, and as a result Pizza Union is constantly reviewing cost lines and retail prices in line with the wider hospitality sector in order to maintain healthy margins.

It also acknowledged that more specifically, retail consumer sentiment and spending, as well as office attendance and tourist visits could materially influence sales.

He added, “The UK restaurant sector remains highly competitive, with new entrants constantly entering the market. We believe we are competing effectively in this crowded sector due to our unique brand positioning, and affordability of our offer.”

Brexit and foreign exchange rates would also have implications on the availability of staff, and supplier prices, he said.