19th Mar 2020 13:50
(Alliance News) - Lebanese restaurant chain owner Comptoir Group PLC on Thursday said trading in the first two months of 2020 was in line with expectations, though it has in recent days seen the impact of Covid-19 and has closed its doors with immediate effect.
Shares in the company were 43% lower at 2.00 pence each in London on Thursday morning.
Comptoir added that at the moment, it is "difficult to accurately assess the extent to which Covid-19" can hurt its trading and financial performance.
The company said: "However, we expect a material reduction in our financial expectations for 2020. The company is taking all appropriate actions to reduce the impact on the group, including a reduction in employee costs across head office and at site level and reduction in other variable costs where possible."
At March 18, the company had net cash of GBP6.0 million.
Comptoir added: "Following continual guidance provided by the UK government and the prime minister's announcement this week repeating the advice to avoid unnecessary gatherings, including restaurants, the board of Comptoir has taken the decision to close its restaurants with immediate effect until further notice. The health of our staff and our customers is the board's highest priority."
By Eric Cunha; [email protected]
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