Comptoir Group, the operators of Comptoir Libanais, has reported a 9.2% rise in adjusted EBITDA to £1m for the six months to 30 June, as it reported its maiden set of results as a listed company.
Group revenue stood at £9.7m up by 24.6% on the previous year, whilst gross profit stood at £3.79m up by 10.2%. Net cash and cash equivalents at the period end were £8m (30/06/2015: £1.3m).
The company said that following the IPO, the company now has a balance sheet position from which it can pursue its intended expansion and growth. It said it had experienced solid trading in July and August.
The group’s largest brand, Comptoir Libanais, had revenues of £6.9m (2015: £5.6m), an increase of £1.3m or 23.2%. Other sites in the group, including sub brand Shawa, delivered revenues of £2.5m (2015: £2.0m), an increase of £0.5m or 25%. During the six-month period to 30 June, the group said its experienced a number of additional cost pressures including the National Living Wage, which was implemented at the beginning of April 2016.
It said that the management team had worked hard during the period to mitigate these various costs pressures through efficiencies and looking at improving the group’s gross margin.
It is anticipated that the group will open eight new sites before the end of December 2016. The company said that its pipeline for 2017 and even 2018 had already started being developed and included a number of other sites, the contract for one of which has already been exchanged but is not due to be completed until Q2 of 2017.
It said: “With the current pipeline, it is hoped that the balance of 2016 will see 8 new sites opened which will be funded from the group’s operating cash flow and the proceeds from the IPO.”
After the period end, the group exercised its option to acquire the building occupied by its central production unit. As at the date of this report the group was still in negotiations with the current owner of the property in respect of the final acquisition cost, although a ceiling of £1.6m has previously been agreed.
Richard Kleiner, non-executive chairman, said: “The group’s pipeline for new sites is well developed and we look forward to another period of strong growth in the second half of the year. I would like to thank my fellow directors and the whole of the Comptoir Group team for their efforts over the interim period and for seeing the group through its IPO in June 2016.”