Tasty, the operator of the Wildwood and Dim T brands, has reported a 12% rise in pre-tax profits from £1.55m to £1.74m for year to 29 December 2013, with revenue up 20% to £23.2m.
Operating profit before pre-opening costs and non-trading items was up 30% on the previous year at £2.3m Pre-opening costs for the period totalled stood at £259k(2012 - £403k).
It said that since the year end trading has been in line with expectations.
The board said it did not recommend the payment of a dividend at this stage of the group’s development.
The company, which is led by Jonny Plant and Sam Kaye, opened five new Wildwood and Wildwood Kitchen restaurants during the year: Didcot opened in March, South Woodford and Newmarket in April followed by Barnes and Peterborough, which opened in July and October respectively.
Since the year end a further Wildwood Kitchen has opened in Oakham. Wildwood Salisbury opened in March 2014 and a number of other sites are already in the pipeline, at various stages of completion and negotiation.
At the end of the period the group operated 28 restaurants. Currently, it has 31 restaurants in operation - six DimTs, 24 Wildwoods and Wildwood Kitchens and one other.
The company plans to have up to 45 sites in operation across its two brands – Wildwood and Dim T, by the end of this year, and told M&C Report that it would consider acquiring small packages of pub sites to aid the expansion of the former.
The group will open its latest site later this spring in Oakham. The group’s fifth Wildwood Kitchen will be neighboured by a new burger concept called Relish.
The company, which is also looking at opening its first leisure park sites, has further openings lined up in Salisbury, Bristol, Nottingham and Camberley.
It is also believed to be in talks on a further three sites, with Chichester, Wantage and Bury St Edmunds mooted as target locations.
Net cash outflow for the period before financing was £1.5m (2012 - £1.37m). This company said that this was largely represented by capital expenditure on the expansion of the business through the opening of the above sites. Cash flows from operating activities increased to £3.2m (2012 - £2.4m).
During the period the Group’s bank facility was increased to £4m (£1m term loan and £3m revolving facility), from £2.5m. As at 29 December the £1m term loan was fully drawn down.
The company raised c£3.5m from the issue of new shares in October through a share placing and the exercise of Directors’ options.
Cash and cash equivalents held at the end of the period were £3.4m (2012 - £1.6m).
Chairman Keith Lassman said: “The group delivered a strong performance in 2013, with an improvement in gross margin and a 20% and 12% increase respectively in revenues and profit.
“The rate of development will accelerate in the medium term, with the group securing funding through the share placing and increased banking facilities during the period. Openings in the coming 12 months will expand the UK geographical footprint of the estate.”