30th Mar 2016 09:08
LONDON (Alliance News) - Tasty PLC on Wednesday reported growth in revenue and profit in its recently completed financial year, after opening thirteen new restaurants during the year, and said it has appointed a new finance director.
The restaurant operator of brands dim t and Wildwood said pretax profit was up 20% at GBP3.1 million for the year ended December 27, from GBP2.6 million the previous financial year, as a 20% rise in revenue to GBP35.8 million from GBP29.7 million offset higher cost of sales and increased administrative expenses.
The company said it does not recommend payment of a dividend "at this stage of the group's development".
Twelve Wildwood and Wildwood Kitchen restaurants, which feature stone-baked pizzas, were opened during the year, and a dim t restaurant, which offers dim sum, was opened in November, taking the total number of restaurants to 50.
Since the year end, two new sites have been opened, two sites are under construction, and a number of other sites are at various stages of completion and negotiation, Tasty said. Over the next twelve months, Tasty will look to "expand the UK geographical footprint of the group".
Tasty said it is "now preparing for an acceleration in the rollout programme with the appointment of David Street as property director and a number of key business functions will be expanded and strengthened to facilitate this more rapid growth". It also pointed to further investment in its digital strategy.
"The business is at an exciting stage and is well positioned to expand. 2016 will be a year of growth and investment as we lay the foundations for the future," Chief Executive Jonny Plant said in a statement.
Elsewhere, Tasty said it has appointed Timothy Cundy as its finance director with immediate effect. Cundy has been head of finance at Tasty since September 2013.
Shares in Tasty were down 2.3% at 165.64 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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