19th Sep 2018 11:57
LONDON (Alliance News) - Comptoir Group PLC said Wednesday its loss for the first half of the year narrowed as revenue jumped 20%.
For the six months to June 30, the Lebanese restaurant operator posted a pretax loss of GBP417,387, compared to GBP755,833 a year prior. This was on the back of revenue increasing to GBP15.7 million from GBP13.1 million.
The company said its restaurants' performance during the six-month period has been "steady" despite the "persistent challenging economic climate".
The company currently operates 26 company-operator restaurants and 3 franchise restaurants. Its brands include Comptoir Libanais, Yalla Yalla, Shawa, Levant and Kenza.
"I am pleased to announce that despite the continuing well publicised turbulence within the UK restaurant sector and the increase in costs, Comptoir Group have proven their strength as a resilient operator with a robust set of results delivering performance as per the board's expectations," Non-Executive Chairman Richard Kleiner said.
Looking ahead, the company said that its trading to date is in line with the board's views. It continues to assess new site acquisitions and expects to end 2019 with a "minimum" of six franchises.
Chief Executive Officer Chaker Hanna said: "A number of well-known national restaurant chains, with a fairly generic homogenous offering and no real differential in their proposition to customers, have fallen recent victim to the challenging marketplace.
"We have observed a significant increase in the level of promotional activity within the restaurant sector, however, we have refrained from discounting and instead have focussed all of our efforts on further improving the customer offering."
Shares in the company were untraded at 11.70 pence each on Wednesday.
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