- Comptoir Group
- 17 September 2024 11:14:24
Source: Sharecast
The AIM-traded firm said gross profit rose 10.4% to £12.7m for the six months ended 30 June, up from £11.5m.
System sales also increased, by 7.4% to £20.2m.
Despite the revenue growth, Comptoir Group reported an adjusted EBITDA loss before highlighted items of £0.6m, compared to a £0.3m loss in the first half of 2023.
The loss after tax under IFRS widened to £1.7m from £0.8m in the same period last year.
Basic losses per share came in at 1.42p, up from a loss of 0.64p per share.
Net cash and cash equivalents at the end of the period stood at £4.9m, down from £7.6m in the first half of 2023 and £7m as of 31 December 2023.
On the operational front, Comptoir Group said it expanded its footprint by opening a new flagship restaurant on London's Southbank and bringing the Cheshire Oaks Outlet Centre back under its managed portfolio from a franchisee.
However, the company closed Yalla Yalla Soho in February and, subsequent to the half-year, shuttered its franchise restaurant at Ashford Outlet Centre.
The group also extended its international presence by opening two new franchised restaurants in major airports - Shawa in Abu Dhabi and Comptoir Libanais in Milan, partnering with a new associate.
As of 30 June, the company owned and operated 22 equity restaurants and had seven franchised restaurants across two partners.
Leadership changes were made to strengthen the company's strategic direction.
James Fisher joined as finance director and board member after the half-year, following the appointments of Ali Aneizi as non-executive director and Jean-Michel Orieux as non-executive chair in June.
Despite economic challenges and rising operational costs, Comptoir Group reported positive outcomes from its strategic initiatives.
The company said it remained confident that proactive measures would lead to improved performance in the second half of the year and beyond, with trading since the half-year aligning with expectations.
However, the group noted uncertainty regarding the impact of the new government, particularly concerning planned increases in the national minimum wage and potential business rates reform.
The upcoming budget in October was expected to provide further clarity on those issues.
Comptoir Group said it aimed to leverage recent investments to enhance EBITDA and cash flows.
With a complete leadership team now in place, the board said it was confident in the company's long-term prospects.
At 0800 BST, shares in Comptoir Group were up 2.33% at 4.4p.
Reporting by Josh White for Sharecast.com.