D&D London (D&D), the international restaurant group which owns and operates over 30 restaurants in London, Paris, New York, Copenhagen and Tokyo, has announced its results for the year ended 31 March 2012.
Financial highlights:
Turnover up 2.5% to £75.5m (2011: £73.7m)
EBITDA up 3% to £6.7m (2011: £6.5m)
Cash profits post financing costs up 10% to £4.2m (2011: £3.8m)
Revenue for the London restaurants up 4% on a like-for-like basis
Joint venture partnership in Istanbul, Turkey:
The Company is also pleased to announce the signing of a joint venture partnership in Istanbul, Turkey to open a series of restaurants and bars from 2013: the Partnership is with Borsa Restaurants, a leading Turkish restaurant group, and Mehmet Ali Yalcindag, a prominent entrepreneur and member of the Dorgan family who run one of Turkey’s largest conglomerates.
A 14,000 square feet area and extensive outside terrace space has been secured in Trump Towers, a 2.8 million square foot luxury residential, retail and office development in Central Istanbul. Plans are being developed to open restaurants, private dining rooms, events spaces and a bar in early 2013, with interiors to be designed by Conran & Partners.
Operational update post year-end
- South Place Hotel: D&D’s first City Hotel opened successfully on 3 September 2012
- Old Bengal Warehouse, including 2 restaurants and a wine shop scheduled to open on 17 September 2012
- Restaurant openings adjacent to Land Securities’ Trinity Leeds Shopping Centre Development in Leeds planned to open in March 2013
Des Gunewardena, Chairman and CEO of D&D London commented:
“I am pleased to report a solid set of results and in particular an excellent trading performance from our London restaurants during the year. This performance is all the more encouraging as it has been achieved despite a continuing backdrop of economic uncertainty and an increase in central management costs ahead of our expansion in the current financial year. .
“Looking ahead, I am very optimistic about our prospects for the current financial year and beyond. Our two new London ventures, South Place Hotel and Old Bengal Warehouse, promise to make a significant addition to our portfolio, as will the project we have underway in Leeds, which is part of the only new shopping development in the UK next year.
“Furthermore, our new joint venture partnership in Turkey will mark another exciting step in the selective development of our international ambitions and we look forward to providing an update on this in due course.”