Comptoir H1 profits surge 150% to £11.5m
The group said rising energy costs and general inflationary pressures are likely to further impact both costs and its customers’ disposable income, though it is optimistic about the longer term prospects for the business
Comptoir Group, the owner and/or operator of Lebanese and Eastern Mediterranean restaurants, has announced its profits surged 150% to £11.5m for the six-month period ended 3 July 2022 (H1 FY22), compared to £4.6m in H1 FY21.
Group revenues also jumped 158.9% to £14.5m, compared to £5.6m in the comparable period last year. Adjusted EBITDA before highlighted items are also up by 112.5% year-on-year from £1.6m to £3.4m.
The basic earnings per share for the period was 0.77 pence, compared to a basic loss per share of 0.98 pence in H1 FY21.
Comptoir said these results are impacted by Covid-19-related closures affecting all restaurants in the group.
Looking ahead, the group said it is cautious about the immediate-term outlook as it expects the macroeconomic environment to worsen in the months ahead.
It added that rising energy costs and general inflationary pressures are likely to further impact both costs and its customers’ disposable income. However, the group is optimistic about the longer term prospects for the business.
Beatrice Lafon, non-executive chair, said: “The results highlight the group’s resilience against the backdrop of challenges faced by the hospitality sector over the last few years, including the cumulative and ongoing effects of Brexit, Covid, and the war in Ukraine, which continue to weigh on costs, labour availability and consumer footfall.
“Comptoir Group has a strong balance sheet, good cash reserves, a tight cost control culture, a stable of strong brands, a growing digital channel and a new board. Added to this is our unique position in the sector, celebrating Middle Eastern cuisine and hospitality.”
Comptoir Group currently owns and operates 21 restaurants, with a further five franchise restaurants.
