The parent company of the San Carlo and Cicchetti restaurant brands has reported a 16.2% rise in turnover to £34.9m for the year to 30 September 2013, while pre-tax profit climbed from £1.75m to £2m during the period.
The company, which saw group operating profit increase from £1.8m to £2.1m, is on track to report turnover to break through the £40m in its current financial year.
It said that performance was driven by the continuing development of its two core brands and its fine dining Signor Sassi format.
The group said was particularly pleased with how successful the Cicchetti brand had become and said it would look to open further sites under the format over the coming 12-18 months.
It said: “The opening of two new restaurants towards the end of the prior year, San Caro Fumo in Birmingham city centre and Cichetti Piccadilly in central London, with a full year’s trade in the current year, also contributed to this increase in turnover.”
The company will open its second Fumo restaurant in November and intends to bring the concept to London, while also planning openings in the Middle East.
The new Fumo on Manchester’s Oxford Street, which will be the group’s largest restaurant, will serve a blend of Italian and French food in tapas-style small plates in the restaurant and large bar area.
The opening of Manchester Fumo will follow the opening of a second Cicchetti in Covent Garden that comes after the success of the Piccadilly Circus site, which will bring the estate to 16 in the UK.
Carlo Di Stefano, who heads up the group, said he would like to open more restaurants in London and is considering a Signor Sassi, its high-end format, in St James as well as expanding both the Fumo and Cicchetti in the capital, but added: “It takes a lot of work to open each one, so we can’t open four or five in a year.”
