Oakman Inns and Restaurants has reported like-for-like sales up 2.4% for the year to 6 April 2014 but made a £806,000 EBITDA loss.
The company described the results as “disappointing” but said the group had made “significant progress and 2013/14 can be seen as a transformational year”. It added: “The group is now geared to deliver impressive growth in the coming years.”
The results showed group turnover up by 21% at £10.8m with average sales per core Oakman site at over £30,000 net per week.
Group profit was up 15.3% to £4.1m but operating profit fell. The company said there were a number of factors impacting on cost throughout the year, including closure and pre-opening of three new outlets, the reorganisation of personnel in preparation for growth and the pressure of fundraising. The company raised £3.7m during the financial year.
