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Restaurant group reports doubling profits
Clapham House Group has bucked the downward trend by revealing first half pre-tax profits of £1.5m – a 114 per cent increase compared to the same period in 2007.
Announcing its results for the six months to 28 September, the group, owner of Gourmet Burger Kitchen, Tootsies and The Real Greek restaurants, also revealed a 21 per cent increase in revenue to £30.3m and a £1.2m reduction in debt. During the period, the company opened nine restaurants in the UK and five sites aboard. It has also secured two further sites for 2009.
A spokesperson for the group said: "We have been cautious regarding the UK economy for more than a year and continue to be so. However, having worked hard for a year on repositioning our pipeline, managing costs and promoting sales, we feel our business is well positioned. "We have a growing and profitable business and remain very positive about the medium-term demand trends for the UK eating out market and the quality of our formats."
Part of its success has been attributed to a £200,000 reduction in new opening costs and the introduction of '2-4-1' offers at its GBK and The Real Greek restaurants from Sunday to Thursday, which helped increase sales and manage the volume of customers that otherwise visited at weekends. David Page, executive chair of the group, said: “We have a growing and profitable business, recent trade has continued to be satisfactory, and we remain very positive about the medium-term demand trends for the UK eating out market, the quality of our formats and, in particular, the national roll out scope for GBK. We believe customers will continue to search out value and quality.”
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