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Wed 4th Oct 2017 - D&D London reports UK like-for-likes up 3% as it sees record revenue
D&D London reports UK like-for-likes up 3% as it sees record revenue: Restaurant group D&D London has reported UK like-for-like sales increased 3.0% for the year ended 31 March 2017. Turnover increased 16% to £125.0m compared with £107.8m the year before. Ebitda was up 1% to £13.1m compared with £13m the previous year. It relaunched Bluebird in September 2016 and opened Aster, Victoria, in February this year. D&D London said revenues from a full year of German Gymnasium and 100 Wardour Street offset a revenue reduction at Bluebird as a result of its closure for refurbishment. It reported like-for-like growth of 25% at the Paternoster Chophouse and 11% at both Quaglinos and Guastavinos, New York. Chairman and chief executive Des Gunewardena said: “In a year of great political and economic uncertainty surrounding Brexit and in the context of cost inflation on all fronts, we were pretty happy with these results. £125m was our highest ever annual revenue. In terms of new ventures German Gymnasium has been one of our most successful openings of recent years and our various recent refurbishments, such as 100 Wardour Street and Bluebird, though adversely impacting short-term profits, will contribute to growing profits in future years despite potentially strong economic headwinds. The current financial year started well but a poor late summer weather-wise has held back revenue growth. The pattern of trading we are experiencing is volatile with strong months interspersed with relatively poor months. Underlying revenues in June were strongly up on last year, but August and September have been disappointing. We expect this uncertain pattern of trading to continue in the short term but we remain firmly confident about D&D’s prospects long term. We are therefore continuing to invest in significant new projects both in the UK and overseas. These include the launch of Fiume in Battersea Power Station this November, a spectacular rooftop restaurant at Spinningfields in Manchester, and the opening of Bluebird at Columbus Circus in New York.”

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