06 June 2006
Preliminary Results for the year ended 31 March 2006
The Clapham House Group PLC (“Clapham House” or “the Group”)
6 June 2006
Unaudited Preliminary Results
for the year ended 31 March 2006
MAIDEN PROFITS AND STRONG PLATFORM FOR GROWTH
Clapham House, the fast growing restaurant group, today announces its preliminary results for the year ended 31 March 2006.
Highlights :
• Turnover for the year up 132% to £17.3m (2005: £7.5m)
• Maiden profit before taxation and exceptional costs for the year of £1.1m (2005: Loss £0.4m)
• Full year profit before taxation for the year of £0.7m (2005: Loss £0.6m)
• Basic earnings per share of 2.9p (2005: Loss 2.5p)
• Operating cash inflow for the year of £0.6m (2005: Operating cash outflow of £0.3m)
• Expansion of estate by 61% during the period from 18 to 29 properties
• Agreement in October 2005 of the earn out consideration for Gourmet Burger Kitchen
• Net cash as at 31 March 2006 of £7.3m
Current year :
• Strong pipeline of new restaurants; on track to open 3 new sites in Q1 of 2006/7
• New site requirement list issued for GBK detailing more than 100 potential UK locations; similar list being drawn up for The Bombay Bicycle Club
• Acquisition of Urban Dining plc completed May 2006, adding the profitable Tootsies format and a further 30 restaurant properties
• Integration of Tootsies progressing well; initial review completed, conversion and refurbishment programme commenced
• Trading positively in the first 2 months of the new financial year
David Page, Executive Chairman, Clapham House, commented:
“Last year was an exciting one for Clapham House as we generated our first profits whilst substantially increasing the size of the estate of restaurants and delivery kitchens. Since the year end we have doubled the size of the Group through the acquisition of the Tootsies format and I am delighted with the rapid progress made already in integrating this business into Clapham House. Trade in the first two months of the year has also been encouraging and we are looking forward to the rest of the year with confidence.”