Stein's Trading returns to profit

Stein's Trading Ltd has announced its financial results for the year ended 31 December 2023, with operating profit returning to a positive result.

While turnover dropped 5% to just under £11.9m, Stein's restaurants reported that operating profits were up 106.2% to £63,000 for 52 weeks up to 31 December 2023 (FY22: -£1.009m) with all bank borrowing repaid. 

Current trading

The performance has continued throughout summer, with the group's 'Summer of Shellfish' campaign driving footfall. Stein's Trading is looking to expand its restaurant portfolio and is actively seeking a site in central London. 

Sister business, Seafood Restaurant Padstow, improved its operating profit of 32.1% for the 12 months ending 31 December 2023. Overall, across both companies, a significant reduction in its operating loss was delivered, reduced to £250k compared to a loss of £1.47m in 2022. 

Stein's group is one of the largest private sector employers in Cornwall and its average number of full-time employees stands at 650.

Ian Fitzgerald, MD of Stein's Trading, says: "Whilst the hospitality industry continued to face its fair share of challenges during 2023, we enjoyed a successful summer season and improved results in a number of our restaurants. There are now positive signs of economic recovery with inflation down to 2% and the first reduction in base rate for 22 months recently announced. Having reorganised our finances and driven efficiencies throughout the business, we are now exploring expansion opportunities."

Shareholder executive director Charlie Stein adds: "Our focus in the next few months is on maximising the opportunities to celebrate the 50th year anniversary of the business in 2025. It is also the perfect time to evolve our restaurant concepts to appeal to a wider audience and we are actively looking to open our first site in central London."

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