9th Sep 2016 07:39
LONDON (Alliance News) - Lebanese restaurant chain Comptoir Group PLC on Friday said it swung to a loss in its maiden set of first-half results as a quoted company, but revenue rose as it continues to expand the business.
The company, which owns the Comptoir Libanais brand, said it made a pretax loss of GBP347,210 in the first six months of 2016, having made a GBP474,871 pretax profit in the first half of 2015.
Having floated in London in June, profit was hit by costs associated with its initial public offering, as well as increased depreciation and administration expenses. Revenue, however, grew to GBP9.6 million from GBP7.7 million.
Comptoir plans to open a further eight restaurants in 2016, in addition to the 15 currently operating in Greater London and Manchester.
"The group's pipeline for new sites is well developed, and we look forward to another period of strong growth in the second half of the year," Non-Executive Chairman Richard Kleiner said in a statement.
"The group continues to control its costs and improve its operational efficiencies and margins and, with the quality of the new site openings planned for the remainder of the financial year, together with the continuing solid trading that the group has experienced in July and August, there is a degree of confidence of achieving the board's expectations for the full 2016 financial year," Chief Executive Chaker Hanna said.
Shares in Comptoir were trading up 1.0% at 80.30 pence on Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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