Drake & Morgan, the highly-regarded, bar-restaurant operator backed by Bowmark Capital, has reported a 2.4% rise in turnover on a like-for-like basis to £4.1m for the three months to the end of June.
The group, which will open its seventh site, The Fable in Holborn this March, said EBITDA during the period stood at £206k due to pre-opening costs and said that it took advantage of its strong capital position to repay a £2.2m loan.
Turnover for the year to 31 March stood at £17.6m, while EBITDA was £2.5m.
The company said that underlying like-for-like site EBITDA growth in the period was positive compared to the equivalent period last year and that otherkey performance indicators were all at “broadly similar levels” to the same period in 2012.
The group reported that it raised £414k in share capital during the period after the exercise of share options and that “further opportunities are being explored and progressed” in terms of further expansion.
