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Tue 26th Nov 2013 - Breaking News - West Cornwall Pasty Company hit by VAT rise; Nando results
West Cornwall Pasty Company reports turnover down, losses widen: West Cornwall Pasty Company has reported it has been hit by the imposition of VAT on hot takeaway products. Turnover dropped to £21,334,280 in the 53 weeks ended 1 March this year, compared to £23,994,550 the year before. Ebitda before exceptional costs was £1,654,863 compared to £2,258,751 the year prior. Losses on ordinary activities before tax were £832,757 compared to £606,466 the year prior. There was an exceptional cost of £1,515,176, which was lower than the £1,970,137 booked the year before. The company stated: “The reduction in turnover was due principally to the imposition for a standard rate of VAT on hot takeaway products but also due to exits from a number of loss-making sites. We had no alternative but to pass most of the VAT levy imposed by the Chancellor in the budget of early 2012 on to our customers in the form of selling price increase. In turn, this led to a decrease in consumer demand, and impacted sales and margins in the last five months of the year. The Board is implementing an innovative plan to overcome the issues created by the imposition of VAT, including an accelerated program of new product development, updating the brand identity and a focus on operational excellence.” The company reported the opening of 14 franchised sites within the Moto Hospitality portfolio, plus three units operating at Twickenham. It is also supplying ten other Twickenham units and has secured a second trading unit at the Oval. 

Nando’s reports turnover and profit up: Nando’s Group Holdings, the parent company of Nando’s and Gourmet Burger Holdings, has reported turnover rose to £485.2m in the 52 weeks to 24 February, up from £419.2m the year before. Pre-tax profit climbed to £33.4m, compared to £12.7m the year before. The number of restaurants rose in the year to 343, an increase of 31 on the year before, including five new Gourmet Burger Kitchen sites. Net assets were worth £7.5m compared to net liabilities of £800,000 the year before. Group operating profit was £58.2m compared to £41.8m the year before. A royalty payment of £22.2m was paid, 5% of net turnover, for the use of the Nando’s brand. A dividend of 28p per share was paid, amounting to £14.2m. A Companies House filing stated: “The company operates in a very competitive and fragmented market which is constantly bringing new concepts and products to the expanding customer base. However, we believe Nando’s offers a unique product that gives us a competitive advantage. The newly acquired GBK restaurants offer superior quality products that separate them from their competitors.”

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