London-based bar and restaurant group Drake & Morgan has posted a strong set of financial results for the year ending 27 March 2022.
Turnover was at £35.9m, up significantly on the previous financial year’s pandemic-disrupted figure of £5.2m.
Adjusted EBITDA profit was £5m, compared to a £10.3m loss in FY21 and the group’s adjusted pre-tax loss was £1.4m having been £19m the previous year.
The 18-strong Bowmark Capital-backed group said investment in its terraces, over what was an unseasonably long and warm summer had helped drive revenue in its current financial year.
It also plans to further invest in developing and retaining of its teams through the launch of the Drake & Morgan Training Academy to ensure delivery of ‘the best possible guest experience’.
Drake & Morgan said Christmas 2022 trading has been strong despite the cost-of-living headwinds and the impact from rail strikes.
“We have been extremely pleased by the resilience of the business as it emerged from the impact of the pandemic. This is despite the ongoing challenges the hospitality industry faced in the period, from restricted trading at the start of the financial year through to ‘Plan B’ impacting the Christmas trading period,” says chief finance officer David King.
“Our commitment to creating exceptional experiences though exciting collaborations and events continues to attract new customers, deliver increased sales and has enabled our performance to continue to improve in the current financial year.”
The group, which was founded in 2008 by Jillian MacLean, confirmed that it had appointed Sapient Corporate Finance to assess its strategic options last month.
