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IRC to continue with expansion plans
AIM-listed restaurant operator Individual Restaurant Company (IRC) will not downsize its expansion plans, despite predictions of a slowdown in the UK economy.
The group, which operates 28 restaurants under the Piccolino and Restaurant Bar & Grill brands, plans to open seven new restaurants during 2008 – one more than its yearly target of six.
Steven Walker, IRC chief executive, said: “Despite the current challenging consumer environment, the ongoing appeal of both the Piccolino and Restaurant Bar & Grill remains robust as do the underlying fundamentals of the eating out market.
“Our future pipeline of new sites is strong and we are confident that the acceleration of our opening programme this year, together with a tight focus on cost control, should underpin another successful year for the Group."
Reporting its results, IRC announced pre-tax profits of £2.6m for the year to 31 December 2007 – compared to a loss of £3.5m in 2006.
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