Comptoir loss widens in financial 2024 despite revenue increase
Comptoir PLC on Tuesday said the hospitality industry ‘remains stressed’ owing to external economic factors, as increased costs weighed on its bottom line for financial 2024.
Comptoir is a London-based operator of Lebanese and Middle Eastern inspired restaurants.
It reported a pretax loss of £1.9 million in the financial year that ended December 29, widening from £1.6 million the previous year.
However, revenue was £34.6 million, up 10% from £31.5 million. On a like-for-like basis, revenue grew 2.0%, with this ‘heavily driven’ by strong second-half trading, said Comptoir.
The widened loss despite the improved sales can be attributed to a rise in costs.
Administrative expenses rose by 14% to £14.7 million from £12.9 million, while distribution expenses grew 11% to £14.0 million from £12.6 million.
Finance costs rose 22% to £1.2 million from £1.0 million.
Comptoir shares were down 4.7% to 2.96 pence in London on Tuesday morning.
On current trading, Comptoir said the first quarter of 2025 has been in line with its expectations.
Chief Executive Chaker Hanna said: ‘The hospitality sector remains stressed from a variety of external economic factors which continue to make this a very challenging environment to operate.
‘Nevertheless, there are brands which continue to succeed against this backdrop, and we need to ensure that Comptoir also navigates its way through to further success’.
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