21st Apr 2020 14:37
(Alliance News) - Comptoir Group PLC on Tuesday said its loss narrowed in 2019 due to UberEats compensation and a decline in distribution expenses.
The Lebanese restaurant chain owner's pretax loss narrowed to GBP520,390 in 2019 from GBP650,213 the year, before despite a 2.6% drop in revenue to GBP33.4 million from GBP34.3 million.
Comptoir received GBP1.0 million of other income for 2019, of which GBP643,739 related to UberEats compensation, while another GBP246,351 was from insurance claims receivable.
After a year-long partnership with restaurant delivery service UberEats, Comptoir negotiated a new agreement with the company starting in March, as well as an agreement with UberEats competitor Deliveroo. UberEats is an arm of ride hailing company Uber Technologies Inc.
On top of this, Comptoir's distribution expenses fell 5.5% to GBP8.6 million from GBP9.1 million.
On March 19, Comptoir announced it had closed all of its restaurants in line with the UK government's lockdown to slow the spread of the new coronavirus.
Chief Executive Chaker Hanna said: "Despite the challenging economic climate, I am pleased to report that trading for the full year has been in line with board expectations.
"It has been a year of consolidation witnessing continued momentum on operational cost efficiency improvements, alongside a cautious and selective approach to investment.
"A strong balance sheet and further growth in our cash position will stand us in good stead to endure the challenges we are all now facing from the Covid-19 virus. The directors believe that the business is well positioned to deliver again once we emerge from the other side of this crisis".
Comptoir's net cash and cash equivalents at the end of 2019 stood at GBP5.1 million, rising from GBP4.6 million at the end of 2018.
Shares in Comptoir were untraded on Tuesday, having last closed at 3.89 pence.
By Anna Farley; [email protected]
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