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City woes hit Hartford
In a six month trading update to 12 April, bar and restaurant operator, Hartford Group said that continued economic uncertainty in central London and the City - where it has most of its operations - will mean its results to September 2003 will be below current estimates.
However, the group still expects to deliver its first profit from continuing operations, provided no further deterioration in trading conditions is seen.
During the period, Hartford acquired 17 Jamies wine bars and these are undergoing refurbishment and re-positioning. The first repositioned site, in Charlotte Street, reopened in February and trading has been strong and well ahead of expectations.
Elsewhere, gross margins on food and drink at both the Bars and City Bars have grown on last year and wages and variable costs have reduced. Details: www.pharmacylondon.com
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