Turnover growth of £6m lifts profits at Pho restaurants

Pho Soho
13/12/2017 - 10:22
Turnover at Vietnamese-inspired restaurant chain Pho jumped by over 33% on last year as the company reported an increase in operating profit and EBITDA for the 52 weeks to 26 February 2017.

During the period, Pho’s turnover increased by over £6m from £19.4m to £25.9m while its EBITDA (earnings before interest, tax, depreciation, amortisation, pre-opening costs, exception costs and management costs) grew by 12.6% to £2.6m, according to Companies House.

The group’s growth in revenue was heavily offset by £19m worth of administrative expenses on pre opening and exceptional costs, a £5m increase on the year before.

Overall, the company made an operating profit of £998,987, a 4.5% rise on 2016 with managing director Mark Smith declaring that the business was “trading well”.

Pho, which last month won the Eat Out Award for marketing/social media, opened four new restaurants during the 52-week period with plans to continue expansion of the coming years.

Smith said: “Looking ahead the company is well placed for further growth with a number of sites already identified both in London and nationally.

"Funds from the holding company will be used to back this growth, using a facility from RBS which will support the planned growth of the next two years."

Of its 25 UK restaurants, 15 are located in London with the rest situated around England.

The company is named after the popular Vietnamese noodle soup dish of the same name.

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