D&D revenues at 90% of pre-covid levels
However, the group said results are adversely impacted by Omicron and transport strikes – with an estimated decrease in revenues of £5m and EBITDA of £3m
D&D has revealed its group revenues in the 15 months since reopening after lockdown stand at £163m, 90% of its pre-covid levels.
UK revenues stand at £143m, 91% of pre-covid levels, while overseas revenues are at £20m. 83% of pre-covid levels.
Meanwhile, group EBITDA stands at £17m, 122% of pre-covid levels.
However, the group said results have also been “adversely impacted” by Omicron and transport strikes – with an estimated decrease in revenues of £5m and EBITDA of £3m.
It reported that restaurants outside London are trading “significantly” ahead of pre-Covid levels following the reopening in April 2021. This featured “particularly” strong performances from 20 Stories in Manchester and Issho, East 59th, Crafthouse and Angelica in Leeds.
Central London restaurants were slower to recover to pre-pandemic levels but are trading at 100%-105% of pre-Covid levels since April.
Looking to the future, the company said Orelle, D&D’s Birmingham rooftop restaurant, is set to open at 103 Colmore Row in October. This comes amid a “substantial” pipeline of new projects located in the UK, USA, and in European cities.
Des Gunewardena, chairman and CEO of D&D London, said: “Six months ago Omicron and the swift return of workers to central London and New York were our biggest concerns. Now our major challenges are cost inflation and the continuing need for more staff as revenues bounce back. Initiatives to attract and retain the best people and provide them with tools to manage their restaurants better are what dominate our agenda.
“More positively our customers are spending well and I am confident we will continue to do so through the Summer. Our revenues in central London have however been hit by transport strikes which will continue to have a negative impact on our business until the dispute is settled.”
He added: “Looking ahead we have the opportunity to significantly scale up the business both in the UK and overseas. And we will do so. But we will manage the pace of expansion in the context of what remains an uncertain economic backdrop.”
