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Global Brands
- BY: Andrew Hore |
- POSTED: 13/05/2008 |
Switzerland-based Domino’s Pizza franchisee Global Brands increased its loss in 2007.
Revenues edged up from CHF10.5m to CHF10.9m in 2007, while the loss rose from CHF1.31m to CHF2m. Two unprofitable stores were closed. There was net cash of CHF2.8m.
The loss was increased by CHF825,000 of additional provisions. Potential payments relating to minimum wages and benefits for staff total CHF727,000. This relates to Swiss regulations that came into effect in 2005. If these provisions have to be paid out that will make a dent in the cash pile which is already being eroded by losses.
Revenues generated by the 10 stores in operation are slightly higher so far this year. Cost savings have been made.
Global Brands hopes to add four or five branches this year and the target is 30 stores by 2010.
The shares were unchanged at 33p, valuing the company at £1.59m.
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