Comptoir Group Plc (AIM: COM), the owner and/or operator of Lebanese and Eastern Mediterranean restaurants, is pleased to announce its results for the six months ended 30 June 2019.
Introduction and Highlights
- Group revenue of £15.8m up by 0.2% (H1 2018: £15.7m).
- Gross profit of £11.5m up by 2.0% (H1 2018: £11.3m).
- Adjusted EBITDA* before highlighted items of £2.0m up by 11.1% (H1 2018: £1.8m).
- Net cash and cash equivalents at the period end of £3.4m (H1 2018: £3.9m; 31 December 2018: £4.6m).
- Comptoir Westfield, Shepherd’s Bush re-opened in May 2019 as a brand new repositioned site following the extensive centre redevelopment and is trading well above the Board’s expectations.
- Currently own and operate 25 restaurants, with a further 4 franchise restaurants.
*Adjusted EBITDA was calculated from the profit/(loss) before taxation adding back interest, depreciation, share-based payments and non-recurring costs incurred in opening new sites (note 12). The Group has applied, for the first time, IFRS 16 Leases that results in the restatement of the previous financial statements (note 2).
Richard Kleiner, Non-Executive Chairman, said:
“I am pleased to announce that these results show that Comptoir Group continues to prove its resilience in a challenging and uncertain market. The consistent, differentiated offering from Comptoir sets the business apart from the majority of operators, a number of which continue to struggle and have fallen victim to these difficult times. Maintaining an evolving menu with a delicious, healthy and importantly value for money offering has helped ensure growth, whilst at the same time the focus on cost efficiencies has had a positive effect on financial stability including a healthy cash position and robust balance sheet.
Our cautious approach to investment in new sites has been maintained, whilst taking the opportunity to carry out selective refurbishments in the existing estate. This coupled with our dedicated focus from our operational and support teams across the business helps drive the optimal experience for all of our customers.”