Comptoir Group reports losses in 2018
The company posted losses before tax of £210,000 despite growing revenues.
In a financial report for the year ended on 31 December 2018, Comptoir Group, the operator of several Lebanese and Mediterranean food chains in the UK, said it continued to feel the economic pressures from Brexit, as well as higher wages, input food costs and rents.
Group revenue for the period meanwhile increased 16.1% to £34.3 million, up from 2017’s recorded £29.6 million. Gross profit rose 16.0% from £21.3 million in the previous year to £24.7 million, while adjusted EBITDA was recorded at £2.1 million.
"Trading for the year to date has continued to be in line with Board expectations, and we anticipate this momentum will continue into the second quarter of 2019. Like for like sales growth has continued each month as newer restaurants reach anticipated maturity levels and the Company is continuing to take a cautious approach to selecting new site openings, enabling focus on the existing estate and further development of the brand whilst ensuring the most efficient operating model is maintained.” Comptoir Group chief executive officer Chaker Hanna said.
The group also opened three new franchised sites with HMS Host in the period, with additional plans to continue expansion in the second half of 2019, locally in Ashford (Kent), and internationally, through franchised operations in Dubai and Abu Dhabi Airports.
