D&D London, theowner and operator of restaurants in London, Leeds, Paris, New York and Tokyo and the 80 bedroom South Place Hotel in London, has announced its financial results for the year ended 31st March 2015. Des Gunewardena, Chairman and CEO of D&D London commented:
“We have had an excellent year and getting to £100m is a milestone to celebrate. More importantly we have seen an acceleration in our underlying sales growth to +7% (+5% last year) driven particularly by the strong performances of our more recent openings both in London (South Place Hotel and Old Bengal Warehouse) and in Leeds (Crafthouse and Angelica).
“The acquisition of Madison is a demonstration of our continuing confidence in the future of the City and the business has made an immediate and significant contribution to profits.
“The remodelling and relaunch of Quaglino’s (pictured above) in October last year has also proved a big success and will make a major contribution to profit growth in the current 2015/16 financial year.
“Turning to the future, we are optimistic about the recent relaunch of Le Pont de la Tour and the impending relaunches of Sartoria in Saville Row and Alcazar in Paris. We are also very excited about by the planned opening of the German Gymnasium in Kings Cross which represents D&D’s largest individual restaurant investment since its buyout from Conran in 2006.The strategy of growth is likely to continue into the future with a strong pipeline of projects in London, other UK cities and overseas.”
Highlights
- Turnover +13% to £104.9m. (2014 £93.1m)
- EBITDA +33% to £11.2m. (2014 £8.4m)
- Cash profits after financing costs + 50% to £8.2m. (2014 £5.5m)
- Successful relaunches of Avenue (March 2014) and Quaglino’s (October 2014)
- Acquisition of Madison, One New Change (May 2014)
- Overall UK like-for-like sales +7%
- Strong LFL revenue performances from:
- Guastavinos (NYC) +12%
- South Place Hotel +11%
- Crafthouse/Angelica Leeds +22%
For more information click here