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Carluccio's optimistic over future prospects
Carluccio's, the UK-based chain of Italian restaurants, plans to continue its 2010 opening programme, despite admitting that consumer spending is set to remain affected by the recession.
It comes as the company revealed that it is poised to report pre-tax profits above board expectations for the year ending 27 September 2009, which included the opening of five new UK outlets and its first Dubai site. A further two stores are set to be opened in Dubai during 2010, although plans to grow the company's Irish portfolio have been hit by economic difficulties and poor lease terms.
In a statement, a spokesperson for Carluccio's said: "The board maintains its positive view of the long-term prospects for the business. Notwithstanding this view, the board recognises that pressure on consumer spending will remain for some time with trading conditions for the sector remaining challenging. "Carluccio's is debt-free with its 2010 opening programme unaltered. Stores will be financed out of internally generated cash flow and the board believes that the company's strong positive cash position has the potential to allow an accelerated roll out when opportunities arise in a weaker property environment."
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