Strong performances at Avenue and Royal Exchange help push up profits at D&D London

The restaurant group, which owns and operates restaurants in London, Paris, Copenhagen, New York and Tokyo, saw revenue rise 5 per cent to £73.7m for the year ending 31 March 2011 while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 27 per cent to £8.3m.

London restaurants Avenue, Royal Exchange, Bluebird and Skylon were the strongest performing restaurants in the 32-strong group with revenue up 13, 12, 11 and 8 per cent there respectively.

Guastavino’s, D&D’s events business in New York, also performed particularly well, posting revenue growth of 50 per cent compared with the previous year.

D&D London chief executive and chairman Des Gunewardena said: “Despite a continuing fragile economic environment generally, our London restaurants continued to perform well in the year to March 2011. And, though we had a disappointing summer in terms of weather and despite the doom and gloom in the financial markets, our revenues have continued to increase in the current financial year."

Future​
Gunewardena said the company was cautious about the short term future and would be 'monitoring revenues closely' in the run up to the festive season. However, he said long term prospects for the restaurant group were good and plans to expand the business in London and other cities would continue.

D&D London's next project, the redevelopment of the Old Bengal Warehouse ​in New Street into two restaurants, outdoor terraces, bars and a wine shop, is due to be completed next spring.

The group, which launched a standalone events company called Cinnamon Candy in August​, will also open its first hotel next summer. The hotel, at South Place in the City, will have 80 bedrooms, 'extensive' meeting and private dining facilities, two restaurants and a number of bars.