Comptoir Group Plc (AIM: COM), the owner and/or operator of Lebanese and Eastern Mediterranean restaurants, announce its results for the six months ended 30 June 2020.
· Group revenue of £6.1m down by 61.4% (H1 2019: £15.8m)
· Gross profit of £4.5m down by 60.9% (H1 2019: £11.5m).
· Adjusted EBITDA* before highlighted items of £0.45m down by 78.3% (H1 2019: £2.08m).
· IFRS loss after tax of £4.97m (H1 2019: £0.6m loss).
· Net cash and cash equivalents** at the period end of £5.0m (H1 2019: £3.4m; 31 December 2019: £5.1m).
· The basic loss per share for the period was 4.05 pence (H1 2019: basic loss per share 0.49 pence).
· Currently own and operate 24 restaurants, with a further 4 franchise restaurants.
Note that these results are impacted by COVID-19 related closures affecting all restaurants in the Group from 19th March 2020.
*Adjusted EBITDA was calculated from the profit/(loss) before taxation adding back interest, depreciation, share-based payments and non-recurring costs (note 12). The Group has applied IFRS 16 Leases that results in the restatement of the previous financial statements (note 2).
**Net cash after deferral of COVID-19 direct related payments and provisions amounting to £3.8m, the ‘normalised’ cash position would be £1.2m.
Richard Kleiner, Non-Executive Chairman, said: “There is no hiding from the fact that we are facing unprecedented times across UK hospitality, and with that, market conditions will inevitably continue to be challenging for our business. However, I am greatly encouraged by the strength of the Comptoir brand with its excellent quality, healthy food served in the safest possible environment, whilst retaining the genuine feel of family and friendly hospitality that forms the very heart and soul of our offering. Of course, none of this would be remotely possible without the truly immense dedication from every one of our team members who work tirelessly, day in day out, to make all this happen. I am confident that we will emerge all the stronger out of this crisis, working in collaboration with all of our partners, as consumer confidence lifts and normality once again resumes.”