Hostmore losses narrow as revenues hit £159m
Sales were also boosted by the opening of three 63rd+1st and one Friday’s sites during the period
Hostmore, the parent company of Fridays and the cocktail-led bar and restaurant brand, 63rd+1st has revealed its group loss after tax for the year narrowed to £0.6m, down from £17.3m the previous year.
The improvement comes after the group saw revenues for the 53-week period ended 2 January 2022 increase to £159m, up from £129m.
It also revealed that like-for-like revenues since the gradual lifting of restrictions in May 2021 to period end was +4% ahead of the FY19 comparable despite the impact of the Omicron virus variant in the key December trading period.
Sales were also boosted by the opening of three 63rd+1st and one Friday’s sites during the period. Hostmore added that it plans to open a further six sites in FY2022.
In regards to current trading, it reported LFL revenues for the 8 weeks ending 27 February, adjusted for stadium venues, is c.3% lower than FY19.
Robert B. Cook, Hostmore plc’s chief executive officer, said: “I am delighted to report a strong financial performance, in our maiden results as a publicly listed company, considering the challenges of the past two years. My colleagues in-store, at the support centre, and all stakeholders, have positively contributed to trading and the strengthening of our balance sheet.
“Consequently, we are well prepared to meet the expansionary goals which gave rise to Hostmore.I am equally appreciative of the ongoing loyalty of our many guests that continued to support us by visiting our restaurants and indicated their appreciation of the improvements in quality and service which have resulted in higher and more consistent levels of guest satisfaction.”
He added: “Whilst we will no doubt face new macro-economic challenges as we proceed this year, together with the challenges raised by the Ukraine crisis, we are now well positioned to consider opportunities for both organic growth via our existing brands, including the very first Fridays and Go quick service concept restaurant which opens in Dundee later this week, and the acquisition of small disruptor brands that are seeking investment capital to grow.
“The growth of the group will provide existing and new employees the reward of enhanced career progression whilst delivering on our goals to the benefit of all stakeholders, including our loyal shareholders.”
