Pizza Express group EBITDA down 7.7% to £32.4m
The chain says it was due to “industry-wide cost pressures in the UK”.
Pizza Express Group saw its group earnings before interest, tax, depreciation and amortisation (EBITDA) dip 7.7% to £32.4m in H1 2019, no thanks to industry-wide cost pressures in the UK.
Meanwhile, its total sales inched up 2.6% in the in the same period. Like-for-like sales went up 0.2% as well.
The restaurant chain also stated that its British and Irish businesses edged up 0.5% in sales whilst its like-for-like sales slipped 0.2%. Its international business saw a sales growth of 11.5% and had its like-for-like sales climb 1.9%.
Pizza Express ended the H1 period with 148 international sites, with five new openings and six closures since 30 December 2018.
“Costs across the sector continue to rise and this offset the revenue growth,” Group chairman and chief executive Jinlong Wang said. He added that the company will continue its focus on cost control and efficiency.
“We are taking a measured approach to growing our business in the UK and Ireland,” he said. “We are now planning to focus our capital investment on upgrading our existing estate rather than adding more sites”.
The chain opened two new UK sites since end of 2018. Earlier this year, Pizza Express started its “Future Express” programme in which there is a “greater focus on kitchens” and “a refreshed customer service approach”. Other initiatives were developing its menu and expanding its Deliveroo partnership.
