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Mon 28th Apr 2014 - Breaking News - Richoux Group reports 14.9% rise in ebitda
Richoux Group reports 14.9% rise in ebitda: Richoux Group, which operates 18 restaurants under the Richoux, Dean's Diner, Zippers and Villagio brands, has reported a 14.9% rise in ebitda for the year to 29 December 2013. Turnover increased 16.5% to £11.48m from £9.85 in 2012. and adjusted ebitda (earnings before interest, tax, depreciation and amortisation) increased 14.9% to £1.49m from £1.29m. Profit after tax was £740,000, down from £880,000 in 2012, with five new restaurants opened in the year to take the total to 18. Richoux's chairman, Philip Shotter, said: "I am pleased to report a positive set of results showing sustained profitability and a 14.9% rise in adjusted ebidta during a period in which the group has opened five new restaurants. The addition of these sites and considerable growth in turnover reflects the ambition of the board to expand the business and develop the group's existing brands." Adjusted operating profit before pre-opening costs, impairment and profit on disposal of assets held for sale increased 14.2% to £903,000 from £791,000 in 2012. Pre-opening costs for the period were £159,000, up from £45,000 in 2012. Capital expenditure for the year was £2.79m, predominantly on the fit-out of the five new restaurants. The company said: “Trading has been in line with expectations since the year end. We have also exchanged on a sixth Dean's Diner site in Trowbridge, which should open in July 2014. We are at an advanced stage of negotiations on two further sites and would hope to open three to four sites this year. We are also progressing our pipeline for openings in 2015 and 2016. The group will continue to acquire new sites, particularly focusing on its Dean's Diner and Richoux concepts, as these are perceived to offer the greatest scope for development within what is a congested and evolving restaurant market. The group will also consider further Villagio and Zippers Bar, Restaurant and Grill openings if the right sites become available. Central to our expansion are our people. Recognising the importance of staff training and development, the group has established a training academy and is investing in the operational team and training for future growth.”

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