Giraffe sees annual turnover rise 25% but pre-tax losses soar

Tesco-owned casual dining chain, Giraffe has reported a 25% increase in turnover from £44.5m to £55m for the year to 1 March 2015.

However, the company also saw pre-tax losses go from £147.1k to £4.06m, largely influenced by site assets impairments, which improved by £796k since the previous year.

Over the year, 14 restaurants were opened, taking the total to about 60 in the UK. But the cost of opening those outlets, and a £2.3m impairment charge on older restaurants, sent Giraffe £4m further into the red from losses of £0.1m in 2014.