Fishworks, the fishmonger and restaurant chain, this morning reported full year like-for-like sales up 4.6% on the year.
Current trading was described as in line with expectations.
The group said that, along with the UK restaurant sector generally, it had experienced some fluctuations of business during the summer with the World Cup and warmer weather conditions. As a reflection of this, like-for-like sales were up 7.4% from August 2005 to May 2006.
The 12-strong brand reported Ebitda on continuing operations of £463,000 for the year to 30 July. Turnover increased by 85% to £7.62m for the period, with profit before tax on continuing operations of £226,000.
Group loss before tax was £519,000, after discontinued and exceptional items totalling £744,000.
In January the company acquired Channel Fisheries seafood suppliers.
Fishworks aims to have 19 outlets by July 2008 and said that it continued to research available sites in London, surrounding areas and further afield, with no lack of quality sites available.
Since listing on the Aim market in June last year, the group has opened five new sites, and pulled out of its concession within Harvey Nichols.
Roy Morris, the group’s executive chairman, described the concession as, “clearly outside the normal Fishworks model, operational structure and market focus distracting from our
core business”.
Morris added: “Although the results for the period have been adversely affected by the now discontinued Harvey Nichols operations, our businesses going forward, with 12 operating sites today and our Channel Fisheries supplier business now fully integrated into the group, sees us set fair to move forward and continue to build on our expansion plans.”
“The 'eating out' market continues to grow and with the increasing focus on fish for healthy diets and the increasing awareness of the beneficial effects of Omega-3 fatty acids, we are confident of maintaining and increasing our share of this vibrant and growing market sector.”
