12th Sep 2019 10:58
(Alliance News) - Comptoir Group PLC on Thursday said performance in the first half of 2019 was "resilient" in continued tough conditions.
Comptoir, which owns Lebanese and eastern Mediterranean restaurants, reported a 0.2% rise in revenue to GBP15.8 million, and its pretax loss has narrowed slightly to GBP527,759 from GBP693,184.
During the period, in May, Comptoir opened a new restaurant at the Westfield shopping centre in Shepherd's Bush, London, and since then it has been "exceptionally well received", operating well above management expectations.
The company now operates from 25 restaurants, and also has four franchise restaurants, one of which is in Utrecht, the Netherlands. All of the others are in the UK.
"I am pleased to announce these results show Comptoir Group continues to prove its resilience in a challenging and uncertain market. The consistent, differentiated offering from Comptoir sets the business apart from the majority of operators, a number of which continue to struggle and have fallen victim to these difficult times," said Chief Executive Richard Kleiner.
"Maintaining an evolving menu with a delicious, healthy and importantly value for money offering has helped ensure growth, whilst at the same time the focus on cost efficiencies has had a positive effect on financial stability including a healthy cash position and robust balance sheet," he continued.
In the year-to-date, Comptoir is meeting expectations, and the firm's expectations for 2019 have been maintained.
"The group's focus remains on continuing to invest in, and to improve, the performance of its current estate. The group also continues to assess new sites and acquisition opportunities, whilst also actively negotiating with our partners, a pipeline of potential additional franchise sites," said Comptoir.
Shares were 1.7% lower on Thursday morning in London at 11.06 pence each.
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