D&D London announced today its financial results for the year ended 31st March 2016. Highlights were as follows:
- Turnover +3% to £107.8m. (2015 £104.9m)
- EBITDA¹ +16% to £13.0m. (2015 £11.2m)
- Successful relaunches of Le Pont de la Tour (September 2015), Sartoria (December 2015), Alcazar (December 2015) and 100 Wardour Street (January 2016).
- Successful opening of German Gym, Kings Cross (November 2015)
- Overall UK like-for-like sales +3%. Revenues from opening from opening of German Gymnasium offset by revenue reductions as a result of closures for refurbishment
- Strong LFL revenue performances from:
- Paternoster Chophouse +28%
- Quaglinos +22%
- Madison +18%
Des Gunewardena, Chairman and CEO of D&D London commented:
“It’s great to report such excellent results on the 10th anniversary of D&D. A lot has happened in 10 years. We have opened a number of new restaurants in London, and revamped many of our longest established venues such as Le Pont de la Tour, Quaglino’s and Alcazar in Paris. We have also expanded outside London both in the UK and overseas, and we have moved into hotels. In turnover terms we are today about 2 1/2 times the size we were when we bought the business from Conran in 2006.
The second half of our last financial year was certainly not a bed of roses. But our restaurants’ revenues held up well and we managed to post another year of solid sales growth and record profits. And in the current financial year, despite a disappointing early Summer and uncertain period around the date of the EU Referendum, our revenues have continued to increase. Much of this growth is coming from new ventures such as the German Gymnasium and from our recently refurbished restaurants. This month sees Bluebird being given a new look and in early 2017 we will open restaurants, cafes and bars at Land Securities’ Nova development in Victoria.Later in 2017 we will open new restaurants in Leeds and Manchester.
Despite the uncertainties surrounding the UK’s relationship with the EU, we remain confident in and will continue to invest in new ventures in the UK as well as in projects overseas”