UK: 2000 results a mixed bag for City Centre Restaurants, focus on performing brands
City Centre Restaurants has released the preliminary results for its 307 branded restaurants during 2000, ending 31 December. For the full year, the company generated a 6% increase in turnover to £217m, up from £205.2m in 1999. Pre-tax profit took a hit during 2000 however, reaching only £15.9m, a 12% decrease from the previous year. Pre-exceptional items, which reached £21.6m because of the payments made to departing executives and the provision for diminution in the carrying value of certain assets, operating profit similarly fell to £19.7m from £20.3m in 1999.
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