27th Sep 2013 12:55
LONDON (Alliance News) - Restaurant group Richoux Group PLC reported higher profits for the first half of the year, boosted by an increase in sales, and said that it will continue to acquire new sites to expand its portfolio.
Richoux group, which operates the Richoux, Dean's Diner, Villagio and Zippers restaurant brands, said that revenues rose by 14% to GBP5.8 million, compared with GBP5.1 million a year earlier.
The company did not propose the payment of a dividend.
The restaurant operator, reported a pretax profit of GBP451,000 for the six months to July 14, an increase of 12% when compared with a pretax profit of GBP401,000 a year earlier.
Richoux said that a capital expenditure of GBP0.96 million was incurred in the period, largely due pre-opening costs for two new restaurants in west London, and south east Hampshire.
The group currently operates from 16 restaurants, with the most restaurants under its Italian family-dining brand, Villagio.
It said that its will continue to acquire new sites, with a particular focus on bar and grill concepts such as its Dean's Diner and Zippers American-style restaurant brands, where the company said it currently sees the biggest scope for development.
"The group will also consider further Villagio and Richoux openings if the right sites become available. The Group has funds for this next stage of openings due to existing cash reserves and the fact that the business is cash generative," said Chairman Philip Shotter in a statement.
Richoux Group shares were down 4.9% Friday afternoon, trading at 29.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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