Comptoir Group has said it will continue to adopt a cautious approach to expansion, as it reveals results for 2018.
The 31-strong group reported revenue up 16.1% to £34.3m in the year to 31 December with adjusted EBITDA of £2.1m, compared to a £1.1m loss the year before and an IFRS loss before tax of £210,000.
During the year, two new Comptoir Libanais restaurants opened – in Birmingham Grand Central and London Bridge. The group also built its franchised estate with HMS Host with a new opening in Cheshire Oaks.
Comptoir also undertook a series of refurbishments, including projects at Yalla Yalla Soho, South Kensington and Yalla Yalla Winsley Street
The group said it would “continue to selectively invest on a return focused basis, in our sites, with six sites earmarked for some capital investment over the year”. These sites are Levant, Kenza, Chelsea, Stratford, Kingston and Wigmore Street. In addition to this, following the closure of Comptoir site in Westfield, Shepherd’s Bush in January 2019 due to the extensive redevelopment of the centre, a “brand new re-positioned Comptoir site” will open on completion of the centre’s development works in May 2019.
On expansion, the group said: “In line with our approach in 2018, we continue to develop our property pipeline with some caution. One further owned site is currently planned to open in 2019. As reported at the half-year, we continue to work closely with our franchise partners and have already agreed terms to open three additional franchised sites with HMS Host in the second half of 2019; in Ashford (Kent) and our second and third international franchised operations in Dubai and Abu Dhabi Airports.”
Chief executive Chaker Hanna said: “Trading for the year to date has continued to be in line with Board expectations, and we anticipate this momentum will continue into the second quarter of 2019.
“Like for like sales growth has continued each month as newer restaurants reach anticipated maturity levels and the Company is continuing to take a cautious approach to selecting new site openings, enabling focus on the existing estate and further development of the brand whilst ensuring the most efficient operating model is maintained.
“The directors believe the group’s current Comptoir Libanais restaurant estate continues to have significant potential for organic growth and will continue to explore further franchise opportunities, alongside the already agreed terms reported at the half-year results to open three additional franchised sites with HMS Host in the second half of 2019; in Ashford (Kent) and our second and third international franchised operations in Dubai and Abu Dhabi Airports.”