Published:
Prezzo bounces back after closing 46 restaurants
This comes after a £30.09m loss in 2022.
Prezzo reported a net profit of £7.5m for the 52 weeks ending 31 December, bouncing back from a £30.09m loss the year before.
The group attributed its growth for the year to its menu innovation and pricing strategies. The group also closed 46 unprofitable sites which significantly reduced its overhead costs in April 2023.
Revenue for the year went down to £110.4m from £134.7m the year before. The group then launched its Time & Attendance strategy to improve productivity. Together with increase in menu prices and cost-saving measures, gross profit margins increased from 35.6% to 40.2%.
Adjusted EBITDA was at £2.4m, an improvement over the £4.8m loss last year.
