City Centre Restaurants cut losses per share after exceptionals by more than 40% for the year to December 31 2001, the company revealed this morning.
The group said that "despite difficult market conditions", which included the wash from the events of September 11, as a whole it had performed well across most of its brands, "demonstrating its resilience".
September 11 hit trade at Garfunkel's with its Central London and tourist bias and, to a lesser extent, Caffe Uno, the group said. By the second half of December the position "had largely stabilised" and although the year ended quite strongly, the late December recovery "was not sufficient to make up for the earlier difficulties."
Frankie and Benny's "continues to perform superbly", the group said, and will open between eight and 10 restaurants in the current year.
Chiquito's was benefiting from previous capital investment and showed strong growth in the second half. Garfunkel's, Caffe Uno and Est Est Est "have now been stabilised", the group said, and "Caffe Uno in particular is showing a marked improvement."
Of the 14 Wok Wok units, nine have been sold, and negotiations are continuing on the sale or closure of the rest, the group said. During the year it sold off the Deep Pan Pizza chain, for a loss of £4.8m, and the OK Diners chain.
Turnover for the year was up 4.7% to £227.9m, while adjusted operating profit fell slightly by 0.6% to £19.6m. Adjusted operating margins dropped half a percentage point to 8.6%. Ebitda was down around 1% to £32.9m. Adjusted earnings per share were the same as 2000 at 6.26p, while the basic loss per share was
reduced to 2.57p from a loss of 4.53p in 2000.
Operating cashflow for the year was £31m , down from £32.5m in 2000. Capital expenditure fell by more than half to £15.8m from £32.7m, of which £7.9m was spent on opening 12 new restaurants, less than half 2000's figure of 26.
The group said that "despite difficult market conditions", which included the wash from the events of September 11, as a whole it had performed well across most of its brands, "demonstrating its resilience".
September 11 hit trade at Garfunkel's with its Central London and tourist bias and, to a lesser extent, Caffe Uno, the group said. By the second half of December the position "had largely stabilised" and although the year ended quite strongly, the late December recovery "was not sufficient to make up for the earlier difficulties."
Frankie and Benny's "continues to perform superbly", the group said, and will open between eight and 10 restaurants in the current year.
Chiquito's was benefiting from previous capital investment and showed strong growth in the second half. Garfunkel's, Caffe Uno and Est Est Est "have now been stabilised", the group said, and "Caffe Uno in particular is showing a marked improvement."
Of the 14 Wok Wok units, nine have been sold, and negotiations are continuing on the sale or closure of the rest, the group said. During the year it sold off the Deep Pan Pizza chain, for a loss of £4.8m, and the OK Diners chain.
Turnover for the year was up 4.7% to £227.9m, while adjusted operating profit fell slightly by 0.6% to £19.6m. Adjusted operating margins dropped half a percentage point to 8.6%. Ebitda was down around 1% to £32.9m. Adjusted earnings per share were the same as 2000 at 6.26p, while the basic loss per share was
reduced to 2.57p from a loss of 4.53p in 2000.
Operating cashflow for the year was £31m , down from £32.5m in 2000. Capital expenditure fell by more than half to £15.8m from £32.7m, of which £7.9m was spent on opening 12 new restaurants, less than half 2000's figure of 26.
