Prezzo (LON:PRZ) - lots of delicious…....cash!
Prezzo, which arrived on AIM in March 2002, is a branded restaurant operator positioned in the UK casual dining market. Its principal trading brand is Prezzo, which offers a contemporary menu with a variety of pizza, pasta, salad and grill dishes with the typical Italian emphasis. There are currently 145 Prezzo branches but they are looking to expand out from their heartland in the South of England.
Revenue was up 11% to £48.4m for the 6 months, adjusted EBITDA up 17% to £8.3m , adjusted pre-tax profit21% higher at £6.2m and adjusted diluted eps 1.91p (2009 - 1.54 pence). Cash generated from operations was a delicious £8.3m (2009 - £7.1m), The highly encouraging results came amid some aggressive expansion with 7 new restaurants opened during the first half and so far in the second half a further four restaurants were opened with another two closed taking the estate up to 145. After the period end they also announced the acquisition of 11 leasehold sites for cash consideration…