Burger & Lobster has reported financial results for the year ended 1 January 2023, with turnover growing by 47% to £36.5m.
In comparison, turnover was £24.8m in 2022. Operating profit doubled to £1.2m in 2023, while EBITDA rose from £1.8m to £2.2m.
Profit after tax was £387,460, while gross margin has increased from 37% to 38%, despite a rise in labour costs.
The group operates nine London restaurants, with a menu focused on wild lobster, prime cut burgers, chef collaborations, and cocktails. It also operates a further 11 restaurants in New York, Singapore, Bangkok, Genting, Kuwait City, Hong Kong and Doha.
Burger & Lobster is now actively looking for new locations outside of London responding to continuing demand and opportunities in key cities around the UK and Europe.
Towards the end of 2022, the group began a refurbishment programme and completed the refurbishment of its Soho restaurant, which was closed for four weeks. Investment continued in 2023, with all London restaurants having completed their refurbishments by April, which was funded internally for £4.4m.
The business remains in a strong financial position at the end of 2022, with net asset position of £3.3m and a cash balance of £9.2m.
It is “showing a strong start in 2023, with sales and profit ahead of 2022.”
CEO Dino Sura commented: “The 2022 results were a great indication of the strength of the brand following the turbulent Covid years. We began investing in consolidating our supply chain into the business, started our restaurant wide refurbishment programme and kept the focus on our people to now report an average length of service of 2.5 years.”
Founder Misha Zelman commented: “I am extremely grateful for every single person at Burger & Lobster delivering such positive results despite the challenging environment that continued through 2022. The future for the business is extremely exciting a looking forward to building on what we have achieved so far.”
