Prezzo reports return to profitability

Italian restaurant group Prezzo has reported a return to profitability in its financial results for the period from 21 January 2021 to 2 January 2022.

Although the trading performance was significantly impacted by Covid-related closures and restrictions, Prezzo saw a return to profitability in the second half of the year following the removal of all restrictions in July 2021.

Following a strong second half performance ahead of pre-pandemic levels, with 8% like-for-like sales growth and £5.6m adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), revenues for the year were £94.9m with adjusted EBITDA of £4.2m. Total statutory loss for the year was £22.4m.

The group said its ‘dine at home' channel had continued to grow throughout 2022 and remained "a significant growth opportunity".

Chief executive Dean Challenger said: "Our priority is to ensure that hospitality is at the heart of the business by continuing to invest in an appealing, trusted, great value and distinctive customer proposition that keeps our customers coming back. We are focused on ensuring that the business is in the best position possible to withstand these challenges by having the right portfolio of restaurants, in the right locations, managed by our excellent team with the best of Italian food at the heart of our customer offer."

The first Prezzo opened in 2000 in London's New Oxford Street and it now has 149 restaurants across the UK. Privately held investment firm Cain International acquired Prezzo out of administration in 2020.

Dame Karen Jones stepped down as Prezzo's executive chair after four years late last year.

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