Comptoir Group is in a “reasonably healthy cash position” with minimal bank debt to service during lockdown.

Announcing full year results for 2019, the Comptoir Libanais operator reported revenue down 2.7% to £33.4m (2018: £34.3m).

Gross profit increased 0.6% to £24.9m (2018: £24.7m).

During the year the group opened one company managed site and two franchised restaurants, as well as three closures.

The fall in revenue was blamed on three sites affected by temporary extended closures in 2019; Westfield Shepherd’s Bush due to a five-month closure for major redevelopment of the shopping complex and two extended insurance-related refurbishments at Kingston and Chelsea.

The company has deferred all non-essential capital and internal investment plans, and cancelled its dividend.

Chaker Hanna, CEO, said: “Despite the challenging economic climate, I am pleased to report that trading for the full year has been in line with board expectations.

“It has been a year of consolidation witnessing continued momentum on operational cost efficiency improvements, alongside a cautious and selective approach to investment.

“A strong balance sheet and further growth in our cash position will stand us in good stead to endure the challenges we are all now facing from the covid-19 virus. The directors believe that the business is well positioned to deliver again once we emerge from the other side of this crisis.”

Topics