Tasty, the AIM-listed restaurant operator of the Dim T and Wildwood brands, has reported a rise in full year pre-tax profit and said that current trading is in line with expectations.
Revenue for the year to 30 December 2012 was up 33% on last year to £19.3m, while pre-tax profit stood at £1.55m (1 January 2012 - £1.06m).
Operating profit before pre-opening costs and non-trading items was £1.7m (1 January 2012 - £1.16m). Pre-opening costs for the period totalled £403,000 (1 January 2012 - £110,000).
The group, which is led by Sam Kaye and Jonny Plant, currently operates 26 sites, 20 Wildwoods and six Dim Ts.
It opened five new Wildwood restaurants in the year: at Epping in March; Market Harborough in April; Ely and Bow St both in May and Canterbury in October.
The former Chez Gerard site at Cambridge acquired in December 2011 was closed in February and re-opened as a Wildwood restaurant in March 2012.
Since the year end the group's two Cafe Pasta restaurants at Shaftesbury Avenue and Stratford-upon-Avon acquired in November 2011, were successfully converted into a new sub-brand of Wildwood, Wildwood Kitchen. It opened a third new Wildwood Kitchen at Didcot in March.
Two further Wildwood restaurants in South Woodford and Newmarket were opened earlier this month; and the group said it had a number of other sites already in the pipeline, at various stages of completion and negotiation.
A further opening under its core brand is already lined up for Peterborough’s Cathedral Square this summer.
The company said that net cash outflow for the period before financing was £1.37m (1 January 2012 - £911,000). It said this was largely represented by capital expenditure on the expansion of the business through the opening and acquisition of the above sites. Cash flows from operating activities increased to £2.4m (1 January 2012 - £1.7m).
During the period a new loan facility of £2.5m was negotiated, of which at 30 December 2012 £1m was called down. This gave rise to a £68,000 finance expense during the period (1 January 2012 - £Nil). Net cash and cash equivalents held at the end of the year were £1.61m (1 January 2012 - £2m).
Chairman Keith Lassman said: “2012 has proved to be a year of considered expansion, with five new sites successfully opened, which will only show their true value on a full year of trading without the initial pre-opening costs. Further new openings are in the pipeline for 2013.
“The group continually looks to update its menus and for much of the year has successfully offered promotions to encourage growth in sales although less aggressively than in previous years. Management have continued to focus on food and labour margins and these continue to be kept under constant review. This has resulted in a considerable improvement in the trading position of the group despite the continuing challenging economic climate in the UK.”
