Caffè Nero has accelerated its expansion programme from three to four new coffee bars a month, making it one of Britain's fastest growing high street brands.

The group has 145 bars and plans to have 15 more in operation by May - at which point executive chairman Gerry Ford says the cost of further openings will met by earnings.

"It is a good time to expand. Rents are softening and site availability is superb," he said.

Shares in Caffè Nero climbed 2p to close at 65p yesterday.

With 45% of sites within the M25, Mr Ford hopes to reduce the company's London emphasis. "Some people talk about London being saturated, but that is not the case. Certainly, London is less of a growth opportunity than elsewhere."

Two-thirds of new bars will be outside the capital.

Underlying pre-tax profits for the six months to end November were £1m - up from £450,000 for the same period in 2002 - on turnover of £23.5m. Like-for-like sales growth was 3% and, since the year end, has risen to 5.5%.

Sophie Tomkins, analyst at Collins Stewart, yesterday "conservatively" raised her full year profit forecast from £2.4m to £2.6m.