Gordon Ramsay welcomes restaurant group's £739,000 profit - up from £2m loss
Gordon Ramsay has hailed a "pivotal" year for his restaurant group after it swung back into profit thanks to a successful overseas expansion.
The business, which includes 31 restaurants worldwide, booked post-tax profit of £739,000 for the year ending in August 2016, up from a £2 million loss the year before.
Revenues rose by 3% to £51.9 million, as the firm enjoyed solid trading from its UK restaurants, which include The Bread Street Kitchen in the City of London and Chelsea's Restaurant Gordon Ramsay.
The change in fortunes was driven in part by a 24% jump in international revenues to £3.6 million, with the launch of new restaurants in Bordeaux, Hong Kong and Dubai.
However, earnings slipped 20% to £4.4 million, after the firm invested money back into the business and took a hit from rent reviews on its restaurants and quieter Christmas trading following the Paris terror attacks.
Mr Ramsay, chairman of the Gordon Ramsay Group, said: "Our last financial year was a pivotal one for the group.
"Our strategy of creating and incubating exciting new restaurant brands in London, like Bread Street Kitchen, and launching them across the world has been highly successful."
The firm said it had inked a deal to open six new restaurants in the US and Canada, including a Hell's Kitchen in Las Vegas and Gordon Ramsay Steak in Baltimore.
It has also secured a 10-year lease on the company's Plane Food restaurant in Heathrow Airport's Terminal 5.
Chief executive Stuart Gillies said the company was seeing a buoyant dining scene in London despite the economic uncertainty facing the UK.
"We are delighted to report another year of solid revenue growth for the group as well as a return to profitability," he said.
"These results have been achieved through good trading across our portfolio of renowned, world-class London restaurants and the excellent performance of our international operations."
The results come as Chris Hutcheson, Mr Ramsay's father-in-law who used to run the restaurant business, may face time in prison after admitting to hacking the company's IT systems.