UK: Full year profit warnings from Groupe Chez Gerard
The board of upmarket restaurant chain Groupe Chez Gerard has announces that the financial results for the last full year (to 1 July) will fall below analyst's expectations. Profit before tax is now expected at around £2m.
The group has blamed the foot and mouth crisis over the last three months and a 20% down turn in London tourism and for the results. The fall in US tourists is particularly blamed for the drop in takers for the company's seasonal joint programme of visitor packages with local hotels and theatres.
Outside London, sales at new Chez Gerard outlets have progressed more slowly than expected. Cost savings have now been made however, after the infrastructure in the restaurants and regional head office was re-examined. For the coming year, the company has highlighted the need for an enhanced marketing approach as it moves into Oxford and Cambridge in July.
The board reiterated its commitment to the growth of the company and is adamant that the next financial year will see an improved performance.
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