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Carluccio’s sees profits drop

Restaurant group Carluccio’s has seen profits before tax for 2009 drop to £4.7m from £5.6m, after the company faced a challenging year. Revenue climbed by eight per cent to £69m from £64m it posted the year before. During the year Carluccio’s opened 44 new stores across the UK, up from the 38 stores it opened in 2008. Cash at the year end came in at £3.1m while cash flow was down slightly to £7.6m. Panmure Gordon has raised 2010 and 2011 PBT forecasts by £0.2m and £0.1m to £5.0m and £5.8m respectively.