Prezzo reports return to profit

The group saw like-for-like sales growing by 8%.

Prezzo, the Italian restaurant group, announced a return to profitability in its financial results covering the period from 21 January 2021 to 2 January 2022. 

Despite facing COVID-19-related closures and restrictions, the second half of the year saw the removal of all restrictions in July 2021, leading to a strong performance ahead of pre-pandemic levels. Like-for-like sales grew by 8%, adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) reached £5.6m, and revenues were £94.9m. The adjusted EBITDA for the year was £4.2m, while the total statutory loss was £22.4m.

Prezzo's 'dine at home' channel has continued to grow throughout 2022 and represents "a significant growth opportunity." 

Prezzo currently operates 149 restaurants across the UK, with the first one opening in London's New Oxford Street in 2000. The privately held investment firm, Cain International, acquired the chain out of administration in 2020.