LEON reports 0.9% like-for-like sales growth in 2017
It has also started seeing an increase in results for 2018 so far.
LEON has reported its financial reports for 2017, highlighting a like-for-like sales growth of 0.9% for the said year.
“It was a challenging year for the hospitality industry, during which the sector saw subdued customer spending together with increased costs driven by currency devaluation, business rates revaluations, rent reviews, wage inflation and the new apprenticeship levy – all of which contributed to significant sector margin erosion. LEON was not immune, reporting only slight EBITDA growth despite solid expansion-led sales increases," LEON CEO John Vincent said in a statement.
The natural fast food chain also noted an surge in in results for 2018 so far.
“LEON has experienced eight months of strong positive like-for-like growth with a 2018 first half year like-for-like sales growth of 10.1%, and restaurant EBITDA also back in good growth.”
The report comes after LEON's foray into Norway last month, and its recently-announced expansion into the United States.
(Also read: LEON to open first U.S. site in Washington D.C.)
Vincent adds that LEON raised £7m new equity in 2017 in order to progress international restaurant openings and to strengthen the balance sheet, welcoming new investor Spice Private Equity as "a significant part" of the transaction.
“Management continue to make considered but ambitious international growth plans for Leon – in both Europe and the US with our first restaurant opening in Washington D.C. later this summer, alongside our UK expansion,” he added.
