Chez Gerard today reported its best-ever annual earnings during its most challenging trading period since its 1994 flotation.
The group warned in July that its profits would not meet expectations following “variable” sales patterns across its 22 London-based restaurants.
Some of its restaurants had also been affected by a slow down in trading following the Soho bomb in April and the closure of the Royal Opera House, he said
The groups eight Chez Gerard branded restaurants had each posted new record earnings during the year while the three Livebait fish restaurants made progress “in line with our expectations”.
The groups other three Richoux all day cafe restaurants also put in strong performances, but plans to have 10 of the branded outlets open by next July would be delayed.
Chairman Neville Abraham said the group was still keen to expand its restaurants, but did not give any details about possible locations or time scales.
The groups profits before tax and exceptional items rose to £4m in the 52 weeks to June 26, up from £3.7m the previous year. Turnover jumped 38% to £37.7m from £27.3m.
Groupe Chez Gerard investors will receive a final dividend of 2.93p, bringing the total for the year to 4.2p – a 13.5% rise on last years 3.7p payout.
EGi News 11/10/99
