(Alliance News) - Comptoir Group PLC on Wednesday reported double-digit annual revenue growth and said it expects to carry out restaurant expansion in 2023.
Shares in Comptoir were up 12% at 7.00 pence each in London on Wednesday afternoon.
The Lebanese restaurant owner said revenue in 2022 was GBP31.0 million, up 50% from GBP20.7 a year prior, driven by the return to a "more normalised trade position" post-pandemic. Comptoir also noted that the addition of two more franchise restaurants in Qatar and London Stansted Airport in 2022 contributed to GBP7.4 million in sales.
Pretax profit fell, however, to GBP902,450 from GBP1.5 million.
Finance costs rose to GBP1.0 million from GBP822,094, distribution expenses were 23% higher to GBP11.4 million from GBP9.3 million, and administrative expenses went up by 22% to GBP11.4 million from GBP9.4 million.
Adjusted earnings before interest, tax, depreciation, and amortisation remained flat at GBP6.3 million compared to GBP6.4 million a year prior.
Comptoir did not declare a final dividend for 2022, unchanged from 2021.
Looking ahead, Comptoir said cost pressures will continue to affect profitability into the new financial year.
Chief Executive Officer Nick Ayerst said: "While economic uncertainty and inflationary cost pressures are set to persist in the short term, we believe Comptoir Group is in an excellent position to capitalise on opportunities in the marketplace.
"We are in a position to open new restaurants across the different brands with an experienced and motivated leadership team to execute the group's strategy."
By Sabrina Penty; Alliance News reporter
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