Interim Results

RNS Number:0984Q
Prezzo PLC
23 September 2003

PREZZO PLC

Chairman's Statement

I am pleased to report to shareholders that your company now operates twenty two
restaurants, having grown from four in March 2002, when the Company was admitted
to the Alternative Investment Market of the London Stock Exchange.

Profit before taxation for the twenty six weeks to 29 June 2003 was #305,000
(2002:#55,000) on turnover of #4.2 million (2002:#1.2 million).

Operating margins are steadily improving and we are now enjoying the benefits of
the established restaurants becoming more efficient.

Three sites primarily in leisure developments, which we opened last year have
not performed to our expectations.  The Board has therefore decided that these
should be sold with proceeds applied to developing new sites.  This is likely to
necessitate an exceptional write off in this year's final accounts.

In May we raised #6 million, before expenses, from new and existing
shareholders, to finance the company's continued growth.

We are continuing to expand with openings currently planned in Cambridge,
Malden, Woodbridge, Newmarket, Brentwood and Dorking.

Given the stage of the Company's growth it is the decision of the Board that no
interim dividend will be paid.

Michael Carlton
Chairman

23 September 2003

prezzo plc
profit and loss account
                                                              26 weeks to     26 weeks to           52 weeks to
                                                                  29 June         30 June           29 December
                                                                     2003            2002                  2002

                                                                     #000            #000                  #000


Turnover                                                            4,212           1,241                 3,794

Cost of sales                                                       3,838           1,133                 3,677
Gross profit                                                          374             108                   117

Administrative expenses                                                99              70                   265
Operating profit / (Loss)                                             275              38                 (148)
Interest receivable                                                    30              17                    62

Profit/(loss) on ordinary activities before taxation                  305              55                  (86)
Taxation on ordinary activities                                     (107)            (22)                     -
Profit/(loss) on ordinary activities after taxation
and retained profit/(loss) for the year                               198              33                  (86)


Earnings per share - basic                                          0.80p           0.19p               (0.45)p
Earnings per share - diluted                                        0.80p           0.19p               (0.45)p



prezzo plc
summarised balance sheet
                                                              26 weeks to     26 weeks to           52 weeks to
                                                                  29 June         30 June           29 December
                                                                     2003            2002                  2002

                                                                     #000            #000                  #000

Fixed assets

Tangible assets                                                     8,012           4,145                 6,644
Current assets

Stock                                                                 270             112                   213
Debtors                                                               600             540                   534
Cash at bank and in hand                                            7,023           3,520                 1,450
                                                                    7,893           4,172                 2,197
Creditors: amounts falling due within one year                    (2,693)         (1,239)               (1,888)
Net current assets                                                  5,200           2,933                   309
Provisions for liabilities and charges                              (136)            (54)                  (29)
                                                                   13,076           7,024                 6,924

Represented by:
Shareholders' funds - equity                                       13,076           7,024                 6,924


Notes to the Financial Statements

1.       Basis of accounting

The unaudited results for the twenty six weeks to 29 June 2003 have been
prepared in a consistent basis and using the same accounting policies as those
adopted in the financial statements for the 52 weeks to 29 December 2002.

2.      Taxation on profit/(loss) on ordinary activities

The taxation charge for the twenty six weeks to 29 June 2003 has been calculated
by applying the estimated effective tax rate for the fifty two weeks to 28
December 2003.

3.      Ordinary dividends per share

The directors do not recommend the payment of an interim dividend.

4.      Earnings per ordinary share

Earnings per share have been computed on the basis of the net profit for the
period, of #198,000 (2002 interim - #33,000, 2002 full year- loss of #86,000),
and the weighted average number of shares in issue during the period of
24,633,909 (2002 interim - 17,103,729, 2002 full year- 19,045,171).

The diluted earnings per share has been calculated using 24,724,661 (2002
interim - 17,395,259, 2002 full year- 19,045,171) ordinary shares which includes
the number of dilutive shares in respect of share options outstanding during the
period, of 90,752 (2002 interim - 291,530, 2002 full year- Nil).

5.      Financial information

This statement does not comprise statutory accounts as defined in Section 240 of
the Companies Act 1985.  The financial information for the fifty two weeks to 29
December 2002 is an extract from the latest group accounts.  The accounts
received an unqualified auditor's report and have been filed with the Registrar
of Companies.  The results for the twenty six weeks to 29 June 2003 and 30 June
2002 are unaudited.






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