The Italian restaurant group, Carluccio’s, run by Simon Kossoff and owned by the Dubai-based investment group Landmark, has announced record results and plans for further expansion that will see the group hit 100 stores by the end of 2014. The rollout includes an additional seven overseas restaurants and eight to ten sites opening in the UK over the next 12 months.
Highlights (53 weeks to 29 September 2013)
- Turnover increased by 22.5% from £96.3m to £118m.
- Operations continue to be strongly cash generative with EBITDA increasing 18.6% to £13.5m.
- Profit before tax up 19.1% to £8.1m.
- 10 UK stores opened in the period.
- A further opening in Dubai bringing the total number of stores operated outside of the UK under franchise to 9.
Current Trading
- Trading has continued positively into the new financial year
- The Company has announced the securing of its first store in America, located in Old Town Alexandria, Virginia. The store is expected to open before Christmas 2014 and the US property pipeline is being further developed.
- The Company has also purchased and refurbished its previously franchised store in Dublin, Ireland.
- Since year-end, five further sites have opened in Portsmouth, Harrogate, Nottingham, Heathrow Terminal 4 and York taking the total number of company owned stores to 83.
- A further store has opened in Abu Dhabi and two further stores have been opened by partners in Turkey. This brings the total number of Carluccio’s worldwide to 94.
- Carluccio’s was a founding member of the Sustainable Restaurant Association and is immensely proud that during 2013, it was awarded the highest possible rating of 3*. Carluccio’s is the largest restaurant group to achieve this award.
- Carluccio’s has worked with Action Against Hunger since 2008 and has so far raised over £1m through sales of its best-selling penne giardiniera as well as online donations and events.
Commenting, Group CEO Simon Kossoff said: “Carluccio’s has continued to perform strongly with significant growth in turnover and EBITDA. We have opened 11 stores worldwide during the year and we expect to hit the 100 store milestone by the end of 2014. We are also pleased to be opening the first Carluccio’s in America later in the year.”
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