9th Apr 2019 11:57
LONDON (Alliance News) - Comptoir Group PLC on Tuesday said it swung to a loss in 2018, while its revenue rose on new restaurant openings.
The Lebanese and Eastern Mediterranean restaurants operator said it swung to a pretax loss of GBP206,879 in 2018 compared to GBP456,858 profit reported a year earlier. In 2017, the company recorded a GBP1.3 million profit from the sale of freehold property.
Distribution expenses rose by 8.1% to GBP9.1 million during the year, while administrative costs jumped by 16% to GBP15.8 million.
More positively, Comptoir reported a 16% increase in revenue to GBP34.3 million from GBP29.6 million year-on-year.
In 2018, Comptoir said it opened three new restaurants, while only one site was closed due to an end of its short lease. Overall, the company now has 31 restaurants, including four franchise sites.
"Like-for-like sales growth has continued each month as newer restaurants reach anticipated maturity levels and the company is continuing to take a cautious approach to selecting new site openings, enabling focus on the existing estate and further development of the brand whilst ensuring the most efficient operating model is maintained," said Chief Executive Chaker Hanna.
Comptoir shares were untraded on Tuesday, last closing at 8.74 pence each.
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