Prezzo results are five per cent ahead of expectations resulting in similar upgrades to forecasts. We view these results as very strong and should result in consensus forecasts as well as confidence rising. In our 8 April note, we detailed a number of catalysts which we feel are driving superior outperformance versus many of its peers.
Results came in ahead of expectations, driven by strong post-Olympics trading. Despite its high street exposure, the group has continued to deliver in a tough market and this is a reflection of the quality of the brands and execution. With a solid balance sheet...we expect Prezzo to continue to deliver impressive growth.
2013 has started well and the group anticipates opening around 25 restaurants by the end of the year. Following the better than expected 2012 performance and the encouraging start to 2013 we expect consensus pre-tax forecasts to edge up from a profit before tax of around £19.2m to around £20m.