Like-for-like sales at Fish! restaurants plunged 13% in the two months to December 31, the company revealed, and turnover is still running at minus 7% for February compared to the same month last year.
The gloomy news came as the company revealed it was cutting its openings programme back by 50% because of "a general lack of consumer confidence".
Fish unveiled figures showing pre-tax profit on continuing operations rose 82% to £2.0m in the 12 months to October 31 2001. However, it said it would be "inappropriate" to recommend a final dividend as earnings per share fell 21.5% to 6.50p .
Turnover for the group, which has 11 out of 18 of its Fish! restaurants in London, rose on continuing operations by 50% to £18.8m during the financial year.
Foot and mouth and September 11 were blamed for the falling like-for-likes, as the company's chairman, Tony Allan, said: "Fish! has suffered from events beyond its control during a critical phase of growth."
In the aftermath of September 11 the company saw sales decreases against budget of approximately 20%, Allan said. Areas which had traditionally secured good lunchtime business, such as Canary Wharf, and previously popular evening-trade tourist locations such as Borough and County Hall in London, saw "noticeable" effects.
The group's results have been affected by the growing maturity profile of the Fish! brand, Allan said: "After initial strong sales, there is a levelling off in trade which will then build again over a period of two to two-and-a-half years."
Allan said while the company planned to open a "a minimum" of five sites this year, against the 10 it had originally planned, "owing to a general lack of consumer confidence at the current time," the board had decided it was "prudent not to commit extra funds to the development of the group until such time as a recovery is readily evident."
However, he said Fish had the flexibility to increase the rate when market conditions improve. He said: "Our site pipeline for the future is identified and can be accelerated at short notice. The group will pick up the rate of expansion when market conditions allow and there are signs that this is happening. We are still firmly committed to building Fish! into a nationwide chain."
Allan said Fish "continued to negotiate on a large number of new sites," and it had "constantly been approached by developers to take leases in new schemes."
The company now runs 18 Fish! restaurants, with 11 new diners opened during 2001 and a further two opened since the year-end.
The gloomy news came as the company revealed it was cutting its openings programme back by 50% because of "a general lack of consumer confidence".
Fish unveiled figures showing pre-tax profit on continuing operations rose 82% to £2.0m in the 12 months to October 31 2001. However, it said it would be "inappropriate" to recommend a final dividend as earnings per share fell 21.5% to 6.50p .
Turnover for the group, which has 11 out of 18 of its Fish! restaurants in London, rose on continuing operations by 50% to £18.8m during the financial year.
Foot and mouth and September 11 were blamed for the falling like-for-likes, as the company's chairman, Tony Allan, said: "Fish! has suffered from events beyond its control during a critical phase of growth."
In the aftermath of September 11 the company saw sales decreases against budget of approximately 20%, Allan said. Areas which had traditionally secured good lunchtime business, such as Canary Wharf, and previously popular evening-trade tourist locations such as Borough and County Hall in London, saw "noticeable" effects.
The group's results have been affected by the growing maturity profile of the Fish! brand, Allan said: "After initial strong sales, there is a levelling off in trade which will then build again over a period of two to two-and-a-half years."
Allan said while the company planned to open a "a minimum" of five sites this year, against the 10 it had originally planned, "owing to a general lack of consumer confidence at the current time," the board had decided it was "prudent not to commit extra funds to the development of the group until such time as a recovery is readily evident."
However, he said Fish had the flexibility to increase the rate when market conditions improve. He said: "Our site pipeline for the future is identified and can be accelerated at short notice. The group will pick up the rate of expansion when market conditions allow and there are signs that this is happening. We are still firmly committed to building Fish! into a nationwide chain."
Allan said Fish "continued to negotiate on a large number of new sites," and it had "constantly been approached by developers to take leases in new schemes."
The company now runs 18 Fish! restaurants, with 11 new diners opened during 2001 and a further two opened since the year-end.
