Comptoir Group Reports First-Half Loss on Higher Costs
Shares in Comptoir Group tumbled on Monday as the London-listed operator of Lebanese and Eastern Mediterranean restaurants revealed a swing to a pretax loss in the first half of the year. The company also reported a decline in delivery sales compared to the pandemic.
Financial Overview
- The pretax loss for the first half of the year amounted to £1.3 million ($1.6 million), marking a significant decrease from the profit of £1.3 million recorded in the same period last year.
- However, revenue showed a slight improvement, rising from £14.5 million to £14.8 million.
- On a like-for-like basis, sales grew by 6%, dine-in sales saw an increase of 8.1%, and franchise system sales experienced a solid growth of 15%.
Factors Impacting Performance
The company stated that its first-half performance was in line with management's expectations, although costs soared due to various factors:
- Food inflation
- The rise in the U.K.'s minimum wage
- Significant increases in utility costs
Optimistic Outlook
Looking ahead, Comptoir Group remains cautiously optimistic about the business's long-term prospects, despite prevailing macro challenges.
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