D&D London announced today its financial results for the year ended 31 March 2017. Highlights were as follows:
- Turnover +16% to £125.0m. (2016 £107.8m)
- EBITDA +1% to £13.1m. (2016 £13.0m)
- Successful relaunch of Bluebird (September 2016)
- Successful opening of Aster, Victoria (February 2017)
- Overall UK like-for-like sales +3%. Revenues from a full year of German Gymnasium and 100 Wardour Street offset by revenue reduction at Bluebird as a result of closure for refurbishment
Strong LFL revenue performances from:
- Paternoster Chophouse (+25%)
- Quaglinos (+11%)
- Guastavinos, New York (+11%)
Des Gunewardena, Chairman and CEO of D&D London commented:
“In a year of great political and economic uncertainty surrounding Brexit and in the context of cost inflation on all fronts, we were pretty happy with these results. £125m was our highest ever annual revenue. In terms of new ventures German Gymnasium has been one of our most successful openings of recent years and our various recent refurbishments, such as 100 Wardour Street and Bluebird, though adversely impacting short term profits, will contribute to growing profits in future years despite potentially strong economic headwinds.
The current financial year started well but a poor late summer weather-wise has held back revenue growth. The pattern of trading we are experiencing is volatile with strong months interspersed with relatively poor months. Underlying revenues in June were strongly up on last year, but August and September have been disappointing. We expect this uncertain pattern of trading to continue in the short term but we remain firmly confident about D&D’s prospects long term. We are therefore continuing to invest in significant new projects both in the UK and overseas. These include the launch of Fiume in Battersea Power Station this November, a spectacular rooftop restaurant at Spinningfields in Manchester, and the opening of Bluebird at Columbus Circus in New York.”