The Alchemist has grown turnover by 17.3% to £41m in the year to March 2019, from £34.4m in 2018.
Operating profit grew by 7.4% from £1.9m to £2m.
Profit before tax was down 29% from £1.24m to £0.92m as the company expanded its staff head count and administrative functions.
Staff costs increased by 23% to £15.7m, while administrative expenses increased by 18% to £30.2m
During the year, the group opened two new venues in London, including Old street, as well as the first Welsh Alchemist in Cardiff.
New sites have been secured in Birmingham, Gunwharf Keys in Portsmouth, Canary Wharf and Embassy Gardens.
“We have been approached by several landlords keen to partner with us as we build our pipeline of new venues for 20202 and onwards,” finance director Victoria Stewart said.
Precis
The Alchemist invests in workforce
The Alchemist has grown turnover by 17.3% to £41m in the full year to March 2019, new accounts show. Operating profit grew by 7.4% to £2m, however profit before tax was down 29% to £0.92m as the company invested for growth. Staff costs increased by 23% to £15.7m, while administrative expenses increased by 18% to £30.2m. The cocktail bar group said it continued to build its pipeline of new venues for “2020 and onwards”.
