Wildwood operator, Tasty, has reported revenue up 28% to £21.8m for the 27 weeks to 3 July.
The group, which has opened seven news sites in the year to date, reported adjusted pre-tax profits for H1 up 17.5% to £1.6m. After a “comprehensive review” of its estate, the group impaired five sites at a cost of £3.6m, resulting in a reported pre-tax loss of £2.3m.
Operating profit, before pre-opening costs, share based payments and interest, was up 14% to £1.9m
The company said it had successfully implemented a programme of operational improvements during the half-year, including changes to the central kitchen infrastructure and upgrades to a number of key systems. Appointments have been made across the group in: operations, marketing, finance and HR departments.
During the period capital expenditure of just over £5m was incurred. Tasty said it was currently undertaking construction on three sites and expected to start construction on at least a further four sites during Q4 of 2016. The board has reviewed its property pipeline and now expects to open 15 restaurants in 2017.
Overall, the net cash inflow for the period was £334,000 (2015 - outflow £731,000). As at 3 July 2016, the group had net borrowings of £7,445,000 (2015 - £1,737,000). It has an available banking facility of £12,000,000.
The company currently trades from 55 restaurants which consists of seven Dim t and forty-eight Wildwoods and Wildwood Kitchens.