Restaurant chain Pizza Express has served up a 24 per cent rise in pre-tax profits and says its strong results create a platform for further growth.
The company trades from 286 PizzaExpress and Cafe Pasta restaurants in Britain and Ireland and has outlets in 15 countries worldwide. It reported pre-tax profits of £40 million in the year to June 30th on turnover up 24 per cent at £185.6 million.
"The strong results we are reporting create a platform to enable us to continue and increase our expansion plans both in the UK and overseas," said chairman Mr David Page in a statement.
In Britain and Ireland like-for-like sales at the group's pizza restaurants grew by 10 per cent over the year and the pasta restaurants saw like-for-like sales growth of 20 per cent.
The company said since the year-end it had increased its target opening programme and aimed to open more than 50 restaurants this year. It said Britain and Ireland could house at least 500 PizzaExpress and 100 Cafe Pasta restaurants.
The group said its net cash at the end of the year had risen to £20.5 million from £3.9 million at the start of the year.
The shares, which have outperformed the hotel and leisure sector by over 50 per cent in the past year, closed on Friday at 912p.