Prezzo posts significant loss despite strong H2 performance
Overall, full year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was £4.2m. However, the company recorded a total statutory loss for the period of £22.4m.
The results are the first set of accounts for Prezzo Trading Limited, which acquired the trade, assets and Prezzo brand out of administration from Prezzo Limited in February 2021, with the backing of Cain International.
The Italian restaurant business says its second half performance was above pre-pandemic levels, with an 8.2% increase in like-for-like sales in H2, and adjusted EBITDA of £5.6m.
It adds that it has made progress revitalising the Prezzo brand and customer proposition, alongside improving the quality and freshness of its dishes.
Its Dine at Home delivery and collection business increased fivefold over the period and sales continued to grow throughout 2022, with the channel remaining 'a significant growth opportunity'.
“Our priority is to ensure that hospitality is at the heart of the business by continuing to invest in an appealing, trusted, great value and distinctive customer proposition that keeps our customers coming back,” says Dean Challenger, Prezzo chief executive.
“We are focused on ensuring that the business is in the best position possible to withstand these challenges by having the right portfolio of restaurants, in the right locations, managed by our excellent team with the best of Italian food at the heart of our customer offer.”
