Comptoir Group profit drops amidst ‘challenging trading environment’

The group’s EBITDA fell by 73.7%

The Comptoir Group reported a drop of 73.7% in its earnings before interest, taxes, depreciation and amortization (EBITDA) due to a ‘challenging trading environment’.

Despite the drop, the group reported in its interim results for the six-month period ended 2 July 2023 that group revenue rose to £14.8m, an increase of 2.% from the same period last year. VAT adjusted like-for-like sales grew by 6% whilst gross profit was at  £11.5m

“Against this backdrop, the Group is navigating a challenging trading environment, with the macroeconomic pressures of the continuing cost of living crisis, high inflation and the removal of government support with business rates and VAT resulting in a decrease in profit.  Utilities costs will significantly decline from Q4 and other inflationary sensitive costs like ingredients and labour have now started to plateau. The net effect will bring improved performance towards the end of this year,” Beatrice Lafon, Non-executive Chair at Comptoir Group said.

“Trading continues to be impacted by significant events outside of our direct control such as the ongoing public transport industrial action which now enters a second year. We have also had a relatively poor summer in terms of terrace weather. Both of these issues have adversely impacted our sites, despite the welcome relief that a warm start to September and the completion of our terraces' refurbishment has so far brought to footfall.”

Comptoir Group currently owns and operates 20 restaurants, with a further six franchise restaurants.