22nd Sep 2023 12:17
(Alliance News) - Comptoir Group PLC on Friday said it swung to a loss in the first half of 2023, hurt by higher costs and by train strikes and poor weather in the UK.
Shares in Comptoir were down 14% to 6.15 pence each in London on Friday around midday.
In the six months that ended July 2, the owner and operator of a chain of Lebanese restaurants swung to a pretax loss of GBP1.3 million from a profit of GBP1.3 million a year earlier.
Revenue rose by 2.1% to GBP14.8 million from GBP14.5 million, but distribution expenses jumped by 15% to GBP6.1 million from GBP5.3 million, whilst administrative expenses increased by 32% to GBP6.2 million from GBP4.7 million.
"Trading continues to be impacted by significant events outside of our direct control such as the ongoing public transport industrial action which now enters a second year. We have also had a relatively poor summer in terms of terrace weather. Both of these issues have adversely impacted our sites, despite the welcome relief that a warm start to September and the completion of our terraces' refurbishment has so far brought to footfall," said Non-Executive Chair Beatrice Lafon.
Looking ahead, Comptoir said trading remains "encouraging", despite the challenging macro environment.
"The board has every confidence in the prospects for the remainder of the year and into 2024," the company added.
By Sophie Rose, Alliance News reporter
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