Loch Fyne Restaurants has reported a net trading profit of £252,000 for the year ended 31 December 2002 and hit its target of opening 20 restaurants before the end of 2002.

Last year the company opened five new restaurants as well as a hotel above its property in Bath and plans to open the same number of restaurants in 2003.A site in Gunwharf Quay, Portsmouth, opened in April. Harrogate and Chalk Farm will open in July and two further venues later in the year.

The company raised additional equity of £2.7m last May to fund the expansion through selling shares at £6.75 each - double the price of its previous fund raising in 2000.Chair, Jeremy Hardie, said: 'We have achieved two significant targets that we set ourselves when we founded Loch Fyne Restaurants - to open 20 restaurants and to be profitable. To have achieved this in the current economic climate is down to our strong management team and a strategic approach to the business that has created a unique and powerful proposition.'

Mark Derry, managing director, added: 'Following the frenetic activity implicit in opening 11 new restaurants in 2001, our strategic approach for 2002 was to continue to grow by four or five restaurants. We anticipate continuing at the same rate for future years.'