Prezzo defies trend as profits hit £59m

Pizza and pasta restaurant business Prezzo shrugged off the squeeze on consumer spending yesterday by posting a jump in half-year profits.

The 172-strong chain lifted revenues by almost a quarter to £59.6 million in the six months to 3 July, with sales boosted by the opening of seven outlets, although two others were closed.

Profits rose strongly, outstripping City forecasts, to climb 17 per cent to £7.3m on an underlying basis. One analyst estimated that sales excluding the impact of new openings rose by 5 per cent in the period.