The Financial Times reports today that the cut in profits has come despite strong first half trading. Tony Hill, chairman of the firm, said sales, free cash flow and earnings before interest, tax, depreciation and amortisation were all well ahead in the first half.
The chain has also doubled its stable of pubs to 79 in just over two years with preparations to expand to 140 by 2002.
FRS 15 saw changes in depreciation policy and the fall in SFI profits followed a rise in depreciation charges from £854,000 to £1.4m.
SFI owns the Litten Tree and Bar Med pub chains along with three-table dancing clubs which together brought the fall in profits from £3.3m to £3.1m in the 24 weeks to November 20.
However, Hill is reported to be planning to create a new brand from six Latin bought from Capital Radio while opening a new table-dancing club.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel