AMT, the travel hub coffee concession stand, has returned to profit despite reporting a fall in turnover for the 12 months to 28 December 2014.
After a period of consolidation AMT has reported profit before tax of £432k for the year, up from a loss of £179k in 2013 as it tightened its operations, including terminating its outlets in Belgium.
The company reported like for like sales up 4% against 2013 and underlying EBITDA of £1.8m, down from £2m in 2013.
Turnover fell from £21.8m to £19.5m and debt of £200k was cleared over the 12 month period.
AMT’s re-branding exercise has continued across the estate to refresh the unit image and to allow the company to “continue to generate market-leading yields from sit-in and compact format.”
The company said its challenges for the coming year include loss of sites as a result of non-renewal of contract or re-development of real estate as well as increased competition at key locations
AMT said: “The scale of the Group’s operations continued to decline during the period, as a result of the site closures identified in the last annual report. However despite these top-line reductions the earnings of the business have increased at site level; being a reflection of both 50% of the net reduction in sales relating to the unprofitable Belgium business and the business making LFL gains in site level earnings.”
The company directors, Alistair and Allan McCalllum-Toppin, have outlined developments to enhance the medium to long-term profitability of the Group and provide a stronger platform for growth. They believe the brand proposition to both consumers and landlords continues to strengthen as is evidenced by like for like sales increases and contract wins; the residual business is leaner and yields higher operating margins at site level.
