22nd Sep 2022 11:12
(Alliance News) - Comptoir Group PLC on Thursday reported a swing to interim profit as revenue nearly tripled, citing "strong trading and cost control".
Shares were up 6.6% at 6.50 pence each on Thursday morning in London.
For the six months that ended on July 3, the Lebanese restaurant owner swung to a pretax profit of GBP1.3 million from a loss of GBP1.2 million the previous year, as administrative expenses fell 30% to GBP4.7 million from GBP6.7 million.
Revenue nearly tripled to GBP14.5 million from GBP5.6 million year-on-year, driven by "strong trading and strong cost control across the business", Comptoir noted.
Chair Beatrice Lafon said the results highlight the company's "resilience" against challenges including Brexit, Covid and the war in Ukraine, which she said have continued to weigh on costs, labour availability, and customer footfall.
Earnings before interest, tax, depreciation and amortisation amounted to GBP3.3 million, tripled from GBP1.1 million the year before.
She added: "We are cautious about the immediate-term outlook as we expect the macroeconomic environment to worsen in the months ahead. Rising energy costs and general inflationary pressures are likely to further impact both our costs and our customers' disposable income, however we are optimistic about the longer-term prospects for the business."
By Xindi Wei; [email protected]
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