Tasty, the AIM-listed restaurant operator of the Dim T and Wildwood brands, saw pre-tax profits more than double from £360,000 to £787,000 in the six months to 30 June as it opened three more sites, taking its estate to 27 outlets.
Turnover grew 24% to £11m. The company, which said it “continues to look at new sites” and “has the resources for further acquisitions”, saw operating profit before pre-opening costs, share based payments and interest grow 39% to £1m.
Pre-opening costs were £171,000 (2012: £348,000), share based payments were £28,000 (2012: £28,000) and finance expenses were £59,000 (2012: £16,000). Basic and diluted earnings per share for the period were 1.28p and 1.25p (2012: 0.75p and 0.74p).
Capex in the period was £2.5m (2012: £2.4m). Two new Wildwood restaurants were opened: at South Woodford and Newmarket in April plus a Wildwood Kitchen at Didcot in March. A further Wildwood Kitchen was opened in July at Barnes.
Overall, the net cash outflow was £55,000 (2012: £557,000).
To finance the growth, the group drew down a further £1.5m of its bank loan facility taking the balance to £2.5m. As at 30 June, the group had net cash balances of £1.6m (2012: £1.5m).
Chairman Keith Lassman said: “The group continues to move forward by increasing sales through updated menus and improving the food and labour margins, all of which are continually reviewed.
“The new openings during the period, reported above, bring the number of restaurants to 27, consisting of six Dimts, 17 Wildwoods and four Wildwood Kitchens.
“The group continues to look at new sites and has the resources for further acquisitions. Despite the on-going general economic conditions, the group continues to grow and invest for the future.”
