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Morning Briefing for pub, restaurant and food wervice operators

Fri 1st Oct 2021 - PizzaExpress reports outperformance of market since 19 July following ‘transformational’ year
PizzaExpress reports outperformance of market since 19 July following ‘transformational’ year: PizzaExpress has reported it has outperformed the market since “Freedom Day” following a “transformational” year for the business. The company reported revenue of £182.5m and Ebitda of £22.2m for the period from 4 January 2021 to 5 September 2021. It said sales had outperformed the CGA Peach market tracker for every week but one since the return to unrestricted dining on 19 July (up 3.7% ahead of the market for the seven weeks 19 July to 5 September). Chief executive David Campbell said: “2021 has been an unusual year, but one that has been transformational for PizzaExpress. We traded strongly during lockdown across delivery and click and collect, growing the business and extending our partnership with Deliveroo. Delivery and click and collect continues to trade strongly. In retail, where we are a Top 100 brand, we have seen both increased distribution and exciting new product development. Our core dine-in business has performed well since the reopening of restriction free dining. We are greatly encouraged to see that the combination of product innovation, enhanced service, better marketing – particularly across digital platforms, diminished discounts and prices held at 2019 levels has driven our outperformance of the market. Following July’s successful long-term refinancing, we are now well underway with a three-year programme to open 50 new restaurants, with our new Cannock site in Staffordshire due to open in late October, and a refurbishment programme for 300 of our existing restaurants. Our equity businesses in Hong Kong and UAE are now trading profitably, however we anticipate these sites will remain under restricted trading for the rest of 2021 and possibly into the first half of 2022. With a strong balance sheet under new ownership and management, we will continue to drive investment to grow the brand above and beyond new openings and refurbishments. As long as we can keep trading without restrictions in the UK and Ireland for the rest of 2021, we anticipate a continuation of good trading for the rest of the year and are optimistic about prospects for 2022 and beyond.”

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