D&D London owns and operates restaurants in London, Leeds, Paris, New York and Tokyo and the 80 bedroom South Place Hotel in London, and its financial results for the year ended 31 March 2014 show increased turnover and profits. Highlights:
- Turnover +18% to £93.1m. (2013 £79.0m)
- EBITDA +18%. to £8.4m. (2013 £7.1m)
- Cash profits after financing costs + 16% to £5.5m. (2013 £4.9m)
- Strong LFL revenue performances from:
- South Place Hotel +40%
- Old Bengal Warehouse +14%
- Bluebird +14%
Des Gunewardena, Chairman and CEO of D&D London commented:
“We have had a very good first year with LDC as investors. A strong underlying sales growth of 5% from our established restaurants together with a substantial contribution from our recently launched ventures (South Place Hotel and the restaurants at the Old Bengal Warehouse in London and Crafthouse & Angelica restaurants in Leeds) has resulted in D&D’s biggest growth in sales since its buyout from Conran in 2006.
Accelerating revenues
“Since the year end we have seen like for like sales in our London restaurants accelerate to +7% (6 months to 30 September). This together with the impact of the acquisition in May of Madison Restaurant & Bar at 1 New Change in the City will result in significant further growth in revenue and profits in the current financial year.
Continuation of growth
“Longer term, we have secured a number of landmark restaurant sites which, along with investment in the remodelling of existing venues such as Avenue and Quaglino’s (pictured above), will deliver a continuation of growth in earnings in future years. We are also actively considering a number of sites for our second hotel following the critical and financial success of South Place.”
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