Italian restaurant group Carluccio’s is now worth almost £140m in annual sales, its latest financial results reveal.
The company increased its revenues by 7% last year to £137.8m, a £10m improvement on the previous 12 months.
For the year ending September 2015, it opened 14 stores in the UK, Ireland, USA and continued its expansion in Dubai and Turkey under franchise. At the year end, the group operated from 112 worldwide locations.
The group said that it remains “highly cash generative” with EBITDA before non-cash exceptional expenses rising 7% to £15.3m.
Carluccio’s said that current trading has continued ahead of prior year since the start of the new financial year with the opening of four further UK stores before the end of April 2016 and a secure pipeline to deliver a further six openings before the year end.
The first ‘grab and go’ concept store, under the ‘Via Carluccio’s’ brand, opened in Tottenham Court Road, London at the end of February 2016, with the company saying it is “performing well”, while the brand’s first hotel site opened at the London Marriott Hotel Regents Park last month. The group has also opened its first ‘new generation’ deli and retail store, in Spitalfields, within the past few weeks.
Internationally, the group’s second US store, located in North Bethesda, Maryland, opened in March 2016.
Neil Wickers, CEO of Carluccio’s, said: “Carluccio’s has shown good growth in turnover and EBITDA. I am confident that these will perform well and we will continue to meet our key objectives of delivering growth and brand development.”
Wickers recently spoke to FEJ about its growth plans for 2016 and philosophy towards kitchen design. TO READ THE FULL INTERVIEW CLICK HERE.