20th May 2025 11:54
(Alliance News) - Comptoir PLC on Tuesday said the hospitality industry "remains stressed" owing to external economic factors, as increased costs weighed on its bottom line for financial 2024.
Comptoir is a London-based operator of Lebanese and Middle Eastern inspired restaurants.
It reported a pretax loss of GBP1.9 million in the financial year that ended December 29, widening from GBP1.6 million the previous year.
However, revenue was GBP34.6 million, up 10% from GBP31.5 million. On a like-for-like basis, revenue grew 2.0%, with this "heavily driven" by strong second-half trading, said Comptoir.
The widened loss despite the improved sales can be attributed to a rise in costs.
Administrative expenses rose by 14% to GBP14.7 million from GBP12.9 million, while distribution expenses grew 11% to GBP14.0 million from GBP12.6 million.
Finance costs rose 22% to GBP1.2 million from GBP1.0 million.
Comptoir shares were down 4.7% to 2.96 pence in London on Tuesday morning.
On current trading, Comptoir said the first quarter of 2025 has been in line with its expectations.
Chief Executive Chaker Hanna said: "The hospitality sector remains stressed from a variety of external economic factors which continue to make this a very challenging environment to operate.
"Nevertheless, there are brands which continue to succeed against this backdrop, and we need to ensure that Comptoir also navigates its way through to further success".
By Olivia Mason-Myhill, Alliance News reporter
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