Restaurant group FishWorks lost £228,000 pre-tax in the 17 months to July before taking in £305,000 deferred tax.

FishWorks turned a £670,000 loss into a £158,000 net profit in the year to last February, but the company decided to change its year end to July. Turnover in the 17 month period reached £5.4 million, compared with £2.5 million in the previous 12 months.

Chairman Tony Fisher says the company intends to pursue further expansion in outlets, helped by the £3.8 million raised at 33p when FishWorks floated on AIM in June. That compares with the 50p at which the company originally floated its shares on the OFEX private share market in 2000.

Since joining AIM, the company has opened a fishmonger’s and seafood bar in Knightsbridge department store Harvey Nichols and opened a new site in Upper Street, Islington. Various FishWorks operations have also received favourable reviews and media publicity, says Fisher.

He adds that current trading is 'satisfactory’ and the board is confident of fulfilling 'our planned growth in outlets, turnover and margins'. Now 44p, the shares value the company at £14.2 million.