Restaurant group D&D London reports £4m loss despite record year

20/12/2017 - 11:35
Panther Partners Limited, a restaurant operator trading under the D&D London name, has reported it made a pre-tax loss of £4.1m for the 52 weeks to 31 March 2017, a similar loss to what the company made the year before (£4.78m).

The UK-based firm, which runs premium restaurants predominantly in London, increased revenues by 3% to £123.3m during the period, a record for the company.

Main revenue drivers were from the relaunch of 100 Wardour Street in February 2016, a full year of trade at German Gymnasium and the performance of refurbished sites from the previous year.

Growth was partially offset by the planned closure of Chelsea restaurant Bluebird for refurbishment, the company says.

While EBITDA grew by 0.3% to £13.06m, another 'best ever' showing for the group, taxation charges of £7.4m and £3.6m in depreciation brought overall profits down.

Co-founder and chief executive, Des Gunewardena, said: “The stable global economic climate in the first half of the year and its positive impact on consumer spending has benefited group activities.

"The economic climate in the second half of the financial year has however been less certain. The predominance of the group’s restaurants in London has also helped the business to continue to grow its revenues.

"Furthermore the group is exposed to the market risks associated with the activities and operation of competing restaurants though the group continues to perform well compared with its peers."

D&D London has opened two new sites subsequent to its balance sheet date in Japanese-inspired restaurant Issho and the US -inspired East 59th, both in Leeds.

Three openings have been announced for 2018, two of which will be the company's traditional base in the Capital, along with one in Manchester, a new location for the group.

It has also committed to two new restaurants in New York where it currently operates at the Guastavino’s event space.

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