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Tel: +44 (0)20 7661 3325
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Email: Vanessa Maydon

Press releases

Gondola
7 October 2013

Audited Results for the 52 weeks ended 1 July 2013

Strong Results; significant brand developments; positive trading momentum

Gondola Group, the UK’s market leader in casual dining which operates PizzaExpress, Zizzi, ASK Italian and Byron, today announces its results for the 52 weeks ended 1 July 2013.

  2012* (£m) 2013 (£m) Change (%)
Total Sales 580.1 604.2 +4.2
Restaurant Sales 566.3 590.2 +4.2
EBITDA 105.8 112.2 +6.0
Trading EBITDA** 99.9 112.2 +12.3%
EBITDA margin 18.2% 18.6% +0.4 ppts
* restated to 52 weeks ** excluding property income

Highlights:

  • Strong performance across all brands with sales up 4.2% and trading EBITDA up 12.3%, from prior year
  • Estate growth during the year with 21 openings in the UK and 11 internationally (including Shanghai, Jakarta, Kuwait City, Bahrain, Jordan, Dubai and Mumbai)
  • Total estate now 752 sites; 696 in UK & Ireland and 56 international
  • Substantial progress achieved across all brands:
  • PizzaExpress: positive momentum in UK and international expansion accelerated, with 477 sites now in operation globally
  • Zizzi: completed re-positioning, which is driving strong performance
  • ASK Italian: estate optimised, transformation well underway and delivering profit growth
  • Byron: breakout year including successful expansion outside London with strong openings in Oxford, Cambridge, Manchester and Liverpool
  • Successful Amend & Extend completed with existing debt facilities extended to January 2018;
  • Strong cash flows have enabled £22m of debt repayment. Leverage reduced to below 4.3x EBITDA, down from 6.3x when the business was taken private in 2007
  • In the year to 30 June 2014, plans to open at least 35 new sites in the UK and to accelerate international growth with more openings in China/Hong Kong (taking total sites in that region to over 20 by the year end), India, Indonesia and the Middle East
  • Early signs of recovery in the broader economy with Gondola well-placed for future growth

Commenting, Harvey Smyth, Chief Executive of Gondola Group said:
“We have delivered a good performance this year, with growth in sales, profits and margins, highlighting the strength and enduring appeal of our offer. Our performance continues to benefit from our outstanding brands, dedicated teams and exciting opportunities both in the UK and internationally.

“There are encouraging early signs of recovery in the trading backdrop and we are well-positioned to benefit from any further upturn in market conditions. Overall, we are confident of achieving further significant progress in the current year and the long-term growth drivers of our business remain compelling.”