Final Results

RNS Number:1429K
Prezzo PLC
17 April 2003



prezzo plc



chairman's statement





I am pleased to report on the results for the 52 weeks ended 29 December 2002,
the first set of annual results since our flotation.



When the Company's shares were admitted to the Alternative Investment Market in
March 2002, the Company was operating four restaurants.   At December 2002 the
Company operated fifteen restaurants under the three branded formats of Prezzo,
Jonathans and Anyway. Since the year-end we have opened a Prezzo in Alton and
are currently working on a further three in Newbury, Wokingham and Horsham and
are contracted on a further three sites.



During the period from the flotation on 21 March to 29 December 2002 the Company
opened eleven new restaurants, which included Salisbury, Romsey, East Grinstead
and Braintree. The turnover has increased from #1.1 million in the period ended
30 December 2001 to almost #3.8 million in the period ended 29 December 2002.
More than half of the new restaurants have been opened in the latter part of the
year, incurring pre-opening costs and carrying the burden of an infrastructure
for a much larger business.   However, I feel the disappointing loss for the
year will be put into perspective by the benefits of economies of scale as the
company grows.



Three restaurants, which opened in leisure complexes, did not come up to initial
expectations.   These "Prezzo" formats have now been changed to the "Anyway"
concept, which has a more varied menu to help improve performance.   As yet it
is too early to know whether this has achieved the required result.



Our senior management team comprises of a mixture of experience, youth and
enthusiasm.   The managers of our restaurants are carefully selected for their
experience and we place great weight upon the training of our staff and the
service which they provide.   The development stage of any business, which deals
directly with the public, is always demanding and I would like to thank all our
staff for their efforts over the past twelve months.



At the Annual General Meeting we are asking shareholders to vote on resolutions
that will enable the Company, at the appropriate time, to raise additional
finance to further expand the Company.



In view of the Company's early stage of development the Board does not consider
it appropriate to pay a dividend for this period.





Michael Carlton



Chairman
17 April 2003

prezzo plc

profit and loss account

for 52 weeks ended 29 december 2002

                                                         2002             2001
                                                                    (restated)
                                                         #000             #000

Turnover                                                3,794            1,102

Cost of sales                                           3,677              958
                                                    -----------      -----------
Gross profit                                              117              144

Administrative expenses                                   265               68
                                                    -----------      -----------
Operating (Loss)/profit                                  -148               76

Interest receivable                                        62               18
                                                    -----------      -----------
(Loss)/profit on ordinary activities before taxation      -86               94
                                                    -----------      -----------
Taxation on ordinary activities                             -              -35
                                                    -----------      -----------
(Loss)/profit on ordinary activities after taxation       -86               59
                                                    -----------      -----------
and retained (loss)/profit for the year

Earnings per share

Basic                                                   (0.45)p           0.66p

Diluted                                                 (0.45)p           0.66p

All amounts relate to continuing activities






prezzo plc
balance sheet
for 52 weeks ended 29 december 2002

                                                         2002             2001
                                                         #000             #000

Fixed assets
Tangible assets                                         6,644            2,336
                                                    -----------      -----------
Current assets
Stock                                                     213               57
Debtors                                                   534               93
Cash at bank and in hand                                1,450            1,118
                                                    -----------      -----------
                                                        2,197            1,266
Creditors: amounts falling due within one year          1,888              530
                                                    -----------      -----------
Net current assets                                        309              736
Provisions for liabilities and charges                     29               29
                                                    -----------      -----------
                                                        6,924            3,043
                                                    ===========      ===========
Capital and reserves
Called up share capital                                 4,197            3,000
Share premium reserve                                   2,770                -
Profit and loss account                                   -43               43
                                                    -----------      -----------
Shareholders' funds - equity                            6,924            3,043
                                                    ===========      ===========

The financial statement were approved by the Board on 17 April
2003









prezzo plc
cash flow statement
for 52 weeks ended 29 december 2002

                                                         2002             2001
                                                         #000             #000

Net cash inflow from operating activities                 663              386

Returns on investments and servicing of finance
Interest received                                          62               18

Taxation

Uk corporation tax paid                                     -                -

Capital expenditure and financial investment

Payments to acquire tangible fixed assets              -4,540           -1,828

Equity dividends paid                                       -                -

Net cash inflow/(outflow) before use of

liquid resources and financing                         -3,815           -1,424

Management of liquid resources                           -550             -200
                                                    -----------      -----------

Net cash inflow/(outflow) before financing             -4,365           -1,624

Financing

Issue of share capital                                  3,967            2,000
                                                    -----------      -----------

(Decrease)/Increase in cash                              -598              376






Notes to the Financial Statements

     1 Basis of Accounting
       The financial information included in this document has been prepared on 
       a consistent basis and using the same accounting policies as the audited 
       financial statements for the 52 weeks ended 30 December 2001 except that 
       during the year the company has adopted FRS19- "Deferred Taxation", and 
       has adapted its policy on lease incentives such that the benefit of rent 
       free periods arising after the date of opening of restaurants are treated 
       as deferred income and written back to the profit and loss account evenly 
       over the period to the next rent review.

       As a result of the adoption of FRS19 full provision has been made for 
       deferred tax.  There is no effect on current year taxation charge from 
       the change in this policy.  The tax charge for the 52 weeks ended 
       30 December 2001 has been increased by #35,000.  In addition shareholders 
       funds for the 52 weeks ended 30 December 2001 have been reduced by 
       #29,000.

     2 Earnings per 20p ordinary share
       Earnings per share have been computed on the basis of the net loss for 
       the period of #96,000 (2001 - #59,000 profit), and the weighted average 
       number of shares in issue during the period of 19,045,171 (2001 - 
       8,890,410).  As the company made a loss during the year there are no 
       dilutive shares outstanding during the year and therefore diluted 
       earnings per share has been calculated using 19,045,171 (2001 - 8,890,410 
       ordinary shares).

     3 Financial Information
       The announcement set out above, does not constitute a full financial 
       statement of the Company's affairs for the 52 weeks ended 29 December 
       2002.  The auditors have reported on the full accounts for the said 
       period and have accompanied them with an unqualified report.  The 
       accounts have yet to be delivered to the Registrar of Companies.  The 
       annual report and accounts will be posted to shareholders on 17 April 
       2003, and the Annual General Meeting of the company will be held on 
       19 May 2003.







                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

FR SFSFAMSDSEFL