La Tasca this morning announced plans to open up to 12 new sites per year.
The announcement came as the company its maiden set of results for the 53 weeks to 30 April. The group floated on AIM in February, achieving a market capitalisation of over £50m.
Turnover for the period was up 22.8% to £48.8m, with Ebitda up 21.6% to £8.4m. Pre-tax profit before amortisation of goodwill and exceptional items was up 51.3% to £3.9m, with pre-tax profit up 55.6% to £2.4m.
The group opened 10 new sites during the year, with three sites opened since the year-end and eight sites in the pipeline.
The money raised at the time of the IPO helped to strengthen the company’s balance sheet and at the year-end net debt was £14.6m.
Trading in the nine weeks since the year-end was described as "good".
James Horler, the company’s chief executive, said: "The casual dining market continues to grow and our brands remain well positioned to benefit. This gives us much confidence to expand the business by 10 to 12 units per year. We see much opportunity and are excited about the future."
The company, which was named Best Company of the Year at this year’s Retailers’ Retailer Awards, currently operates 53 restaurants - 51 under the La Tasca brand, of which two are in the USA and two under the new La Viña concept.
The group is planning to open third US site, in Baltimore, in November. Horler said that the US sites, all of which are company owned, were profitable.
A third La Viña outlet is due to open in Leeds in August, with the group planing to increase the pace of openings under the brand "in a controlled way". More sites are currently being sought in a number of locations, including London.
