Spaghetti House returns to profit

By Shwetali Sapte

- Last updated on GMT

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Related tags Spaghetti house London Restaurant Casual dining Italian cuisine Multi-site

Spaghetti House has reported financial results for the year to 26 March 2023, with turnover rising from the previous year’s £5.3m to £9.8m.

The London-based Italian restaurant chain reported operating profit of £351,141, compared to an operating loss of £364,833 the previous year.

This was due to the increase in sales as well as income form the surrender of a lease and life insurance policy payout.

Profit before tax was £334,681, compared to a loss of £368,329 the prior year, with gross profit margin slipping to 77% from 25% but remaining within the targeted margin.

The financial position of the company at period end was a net liability of £704,794 compared to net liability of £1,039,475 as at March 2022, while cash balance at period end was £535,668 compared to £169,448 as at March 2022.

The company ended the period with eight trading restaurants and has since signed a lease for a new site at Earl’s Court.

It has also relaunched its website and made further investments in marketing and social media content, while commencing a programme of refurbishment works to refresh the estate.

The directors are actively reviewing the market for new sites and opportunities to grow the business.

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