Prezzo, owner of the eponymous Italian chain of restaurants and Mexican format Chimichanga, has announced a 40% rise in half-year pre-tax profits to £3.1m. The AIM-listed company reported turnover of £24.1m for the 26 weeks to 2 July, compared to £15.9m during the same period in 2005, a 51% increase. Ebitda was £4.3m compared to £3m in 2005. The company, which listed three years ago, opened 12 new restaurants during the period taking its estate to 90 sites. In February the group raised £7.125m through a share pricing to fund further expansion, and a further five sites are currently in build. Jonathan Kaye, chief executive of Prezzo, said: “We are delighted by these results which demonstrate the continued development of the company. We have a strong pipeline of new sites for the second half and trading is to our expectations. We look forward to reporting continued progress.”