Conran Holdings has reported profits of £1.2m for the year to March 2004, a fall of 37% from £1.9m in 2003. The group's 35-strong restaurant division was the most successful part of the business with turnover up 4% for the UK and continental restaurants to £54m. Pre-tax profits were up 11% to £4.1m with like-for-like sales up 7% over the recent Christmas trading period. The company also benefited from a 16% rise in profits at the Great Eastern Hotel in London, in which the company holds a 50% stake. Profits rose to £2.9m and turnover was flat at £24m. Excluding one-off costs associated with openings and reorganisation, profits for the year would have been £2.6m. Group turnover fell by 4% to £109m, largely due to money the company had received as a one-off in 2003 related to selling stock to a new franchised store in Tokyo. The company announced that it had to close two loss making shops, one in London and one in Paris, taking a large writedown, to stem losses from the retail division.