City Centre Restaurants gave itself a pat on the back this morning with half year figures that executive chairman Alan Jackson said showed that "after an inconsistent past", the group "has now demonstated its ability to produce creditable results in a most difficult market place."

Jackson said that despite "overall difficult market conditions", the group had achieved "excellent" profits growth in its expanding Leisure Parks business, with Frankie & Benny's putting in a "record" performance as profits rose by 48% and like-for-like sales by 9.2%.

He said trading at High Street locations "remains competitive" although there were signs that tourist custom is returning to Garfunkel's. Est Est Est, which saw like-for-like sales drop 4.4%, and Caffe Uno, which saw only a marginal rise in l-f-ls, "are now showing the benefits of the foundations laid over the past six months," Jackson said after the company had "worked intensively in both to enhance the quality of food and service.

Overall turnover dropped 5.3% to £103.4m after the disposal of Deep Pan Pizza but pre-tax profit increased by 10.9% to £6.1m.

Jackson said the group was now concentrating on the Leisure Parks and Concessions segments, which showed the required characteristics of high returns on investment, good growth prospects and high barriers to entry.

City Centre Restaurants divisional performance

 

Six months ended 30 June 2002

 

Turnover

% rise

Op profit

% rise

margin

%point rise

Leisure parks

£44.2m

+18%

£7.7m

+1.7%

17.5%

+2.1

Concessions

£16.1m

+14%

£2m

-8.7%

12.4%

-3

High Street rests

£40.5m

-4%

£4.8m

-19%

12.0%

-2.2

Principal brands

£101m

+7.6%

£14.6m

+4.7

14.4%

-0.4

Non core brands

2.6m

-83%

(£713k)

-176%

(27.3%)

-25.6

Total all brands

£103m

-5.3%

£13.8m

+1.4%

13.4%

+0.9


Brand by brand

 

Turnover

l-f-l sales

Frankie & Benny's

£30.5m

+9.2%

Chiquito

£13.7m

+4.4%

Garfunkel's

£11.5m

+2.2%

Caffe Uno

£19.6m

+0.2%

Est Est Est

£9.4m

-4.4%

Concessions

£16.1m

+3.5%