Whilst turnover has increased near to £500m at PizzaExpress, UK sales slowed amid a “challenging” market. The casual dining industry, has, in recent years increased considerably in the marketplace, however, the competition has also increased particularly among pubs offering food to gain a share of the dining out market, as well as the popularity of “street food” creating independent entrants.
In the year to 26 June 2016, turnover grew 14.1 per cent to £488m, with Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) remaining static at £100.3m.
While like for like sales in the UK and Ireland were down 1.3 per cent, the restaurant chain was boosted by the relaunch of its retail range and strong international growth, especially in Asia.
Richard Hodgson, chief executive officer of PizzaExpress, said: “This has been a more challenging year for the UK casual dining sector, with a more cautious consumer and a significant increase in new openings.”
Hodgson added that new initiatives and offers put the company “in good stead” looking to the future.
PizzaExpress first opened in 1965 and presently has over 570 restaurants worldwide, selling34 million pizzas in UK supermarkets every year.