REG - Comptoir Group PLC - Interim Results
25/09/2025 07:00
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RNS Number : 6897A Comptoir Group PLC 25 September 2025
25 September 2025
Comptoir Group Plc
("Comptoir", the "Group" or the "Company")
Interim Results
Comptoir Group Plc (AIM: COM), the owner and operator of Lebanese, Middle
Eastern and North African inspired restaurants is pleased to announce its
interim results for the six months ending 29 June 2025.
Highlights:
· Group revenue of £16.0m, an increase of 0.6% on the same period last
year (H1 2024: £15.9m), 1.6% increase on like for like ("LFL") basis
· Gross profit of £13.1m, an increase of 3.1% on the same period last
year (H1 2024: £12.7m)
· Adjusted EBITDA* before highlighted items of £0.1m (H1 2024: loss of
£0.6m)
· IFRS loss after tax of £0.1m (H1 2024: loss of £1.7m)
· Adjusted net cash** at the period end of £2.3m (H1 2024: £1.8m, 29
December 2024: £3.0m)
· Basic loss per share was 0.07 pence (H1 2024: basic loss per share
1.42 pence)
· The Group currently owns and operates 20 sites with a further 6
franchise sites
Enquiries:
Comptoir Group plc 0207 486 1111
Chaker Hanna - Chief Executive Officer
James Fisher - Chief Financial Officer
Tony Kitous - Founder / Director
Cavendish Capital Market Limited (Nominated Adviser and Broker) 0207 220 0500
Corporate Finance: Katy Birkin / Elysia Bough
Corporate Broking: Tim Redfern
Notes to Editors
Comptoir Group PLC owns and operates 26 Lebanese and Middle Eastern inspired
restaurants, six of which are franchised, based predominantly in the UK. The
flagship brand of the Group, Comptoir Libanais, is a collection of 22
restaurants located across London, nationwide and international Travel Hubs,
including cities such as Manchester, Bath, Birmingham, Oxford, Dubai and
Milan.
The name Comptoir Libanais means Lebanese Counter and is a place where guests
can eat casually and enjoy Lebanese and Middle Eastern food, served with warm
and friendly hospitality and a bright vibrant environment.
The Group also operates Shawa, serving traditional shawarma through a counter
service model in Westfield and Bluewater shopping centres and Abu Dhabi, and
Yalla-Yalla with a branch near Oxford Circus.
The Group has expanded internationally with its franchise partners Avolta,
Areas and Qatar Airways, with restaurants in the Netherlands, Qatar, UAE and
Italy.
Chair's statement
Against the background of well documented ongoing challenges for the
hospitality sector, I am pleased to present what has been a robust H1
performance by the Group.
The Group delivered an Adjusted EBITDA of £0.1m for the period (H1 2024: loss
of £0.6m) and LFL sales growth of 1.6%. As highlighted in our Annual Report
in May, the Board is fully aware that growth in covers through offering
genuine value for money is the key to long term success and remains the
critical focus in the second half of the year. The Group had an adjusted net
cash balance of £2.3m at the end of the period (H1 2024: £1.8m), and prudent
capital management remains imperative in order to position the Group for
growth beyond 2025.
Franchise operations continue to be an exciting growth opportunity for the
Group. Overall performance across our six franchise sites has been strong,
particularly our Milan site which opened last year and is trading
significantly above expectations. Franchise has always been a low-capital
intensive route to increasing presence of our brands, and we will proactively
assess whether further opportunities exist.
As previously disclosed, we took the tough decision to close our Kenza site
and Comptoir Bluewater. Both of these sites were exited in H1 as we further
look to streamline management focus and Group operational efficiency.
Prevailing market conditions continue to present significant challenges to the
hospitality sector. Cost of living pressures and economic uncertainty continue
to put pressure on consumer demand and disposable income, placing further
strain on our focus for winning back covers. Prudent capital management has
positioned the Group well to face these challenges, and we continue to strive
to offer a genuine value for money, exceptional experience for our guests
despite what economic challenges are facing the industry in 2025 & beyond.
On behalf of the Board, I would like to thank our teams who continue to work
tirelessly to deliver excellence across both product and service. It has been
a robust H1 performance, but our focus must now turn to H2 and beyond as we
strive for additional operational improvements and position the Group for
further growth beyond 2025. I would also like to thank our investors,
customers, suppliers and landlords who continue to support the business.
Richard Kleiner - Chair
25 September 2025
*Adjusted EBITDA is a non-GAAP measure and is calculated from the loss after
taxation adding back net interest, depreciation, tax charges, share-based
payments and non-recurring costs (note 12)
** Adjusted Net Cash is a non-GAAP measure and is a metric used by the Board
to review the capital position of the Group after adjusting for non-recurring
fluctuations to Net Cash. The metric is presented pre IFRS-16 and as such
lease liabilities are not considered an adjustment to net debt.
Chief Executive's review
In what is my first year since returning to the Group in February, I am
pleased to present to you our results for H1 2025. Since returning to the
Group and in the face of challenging macro conditions, my priority has been to
address operational efficiencies, identify strategic opportunities in the
market and ultimately to provide an excellent value for money proposition for
our customers.
Total revenue for the Group for the half-year was £16.0m (H1 2024: £15.9m)
and the adjusted EBITDA was £0.1m (H1 2024: loss of £0.6m). The Group's
operational controls continue to be strengthened however economic conditions
and cost pressures facing our brands are challenging. Despite an improving
trend, this is still short of what we expect to be delivering. The Board and
management team are aligned that delivering exceptional experiences for our
guests which offer genuine value for money remain the way that we will grow
our covers and secure our long term market position. This remains a critical
focus for the remainder of this year and beyond.
The IFRS loss after tax was £0.1m (H1 2024: £1.7m loss). The Group adjusted
net cash balance at the half-year was £2.3m (H1 2024: £1.8m) which continues
to be an area of Board scrutiny to ensure the Group cash position is protected
and we are positioned for future growth. The outstanding balance on the CBIL
at the half year was £0.7m (H1 2024: £1.3m).
A summary of the financial performance for the half year is shown in the table
below:
Post IFRS 16 Pre IFRS 16 Post IFRS 16 Pre IFRS 16 Post IFRS 16 Pre IFRS 16
29 June 2025 29 June 2025 30 June 2024 30 June 2024 29 December 2024 29 December 2024
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 15,985 15,985 15,907 15,907 34,619 34,619
Adjusted EBITDA:
Loss after tax (84) (826) (1,738) (1,318) (1,943) (1,468)
Add back:
Net finance costs / (income) 484 (55) 602 (18) 1,093 (31)
Taxation 15 15 (470) (470) 19 19
Depreciation 1,938 662 1,928 686 4,122 1,389
Impairment of assets - - - - 944 324
EBITDA 2,353 (204) 322 (1,120) 4,235 233
Share-based payments expense / (credit) 12 12 (13) (13) (31) (31)
Gain on lease termination (814) - - - - -
Exceptional legal fees 58 58 103 103 188 188
Restaurant opening costs - - 332 332 323 323
Restaurant closing costs 215 215 5 5 249 249
Other exceptional items - - 123 123 (192) (192)
Adjusted EBITDA 1,824 81 872 (570) 4,772 770
Franchising
Franchising is an integral part of the Group's growth strategy and continues
to be an area we are strategically reviewing as we continue to see strong
performance in our existing six franchised sites. We believe that there is
considerable potential to grow the Group's franchised operations and we see
this as a complementary and relatively low-risk, capital light route to extend
the presence of our brands.
Current and future outlook
Driving covers growth and building our genuine value for money offering
continues to be a core focus for the Board and management team, despite the
challenging macro conditions which are expected to continue for the medium
term. In the meantime, operating as efficiently as possible, particularly with
regards to proactive management of labour costs and overheads, is a key focus
from our operations and finance teams.
The core Comptoir estate performed for the most part in line with management
expectations, however a handful of sites remain a focus as we move into the
second half of the year. Shawa continues to deliver good sales and
profitability from the two sites in Westfield and Bluewater, demonstrating a
very real opportunity for further growth of the Shawa brand which we are
actively reviewing.
As highlighted in our 2024 annual report, to ensure focus of management's time
on core sites and brands, the Kenza restaurant was closed during the
half-year, along with the Comptoir Bluewater site. We continue to proactively
manage the entire estate with a view of optimising our capital allocation.
Prudent capital management is absolutely key for the remainder of 2025 and
beyond, to protect the Group's cash position and enable future growth beyond
2025. Adjusted Net Cash has improved from June 2024 however this continues to
be an area of Board scrutiny and management focus as we look to further
strengthen the Groups balance sheet and position the Company for future
growth.
29 June 30 June 29 December 2024
2025 2024
Cash & Cash Equivalents £4.3m £4.8m £6.0m
Adjusted for:
Borrowings £(0.7m) £(1.3m) £(1.0m)
Working capital movement at period end date £(0.9m) £(0.9m) £(1.2m)
Cash held in reserve against known liabilities* £(0.4m) £(0.8m) £(0.8m)
Adjusted Net Cash £2.3m £1.8m £3.0m
Finally, I would like to thank all employees for their contributions so far in
2025. We have a fantastic team, both in the restaurants and with our support
team, and there is plenty of opportunity to build on the foundations of our
existing estate in the remainder of 2025 and beyond.
Chaker Hanna - Chief Executive Officer
25 September 2025
*The Group holds certain cash in reserve against known liabilities expected to
be settled in the ordinary course of business. These funds are held in a
separate bank account and the liabilities tracked separately from accruals
& other payables. As such, Net Cash is adjusted to reflect the cash held
in reserve to settle these known obligations.
Consolidated statement of comprehensive income
For the half-year ended 29 June 2025
Notes Half-year ended 29 June 2025 Half-year ended 30 June 2024 Period ended 29 December 2024
£'000 £'000 £'000
Revenue 15,985 15,907 34,619
Cost of sales (2,838) (3,183) (6,806)
Gross profit 13,147 12,724 27,813
Distribution expenses (6,967) (6,931) (13,975)
Administrative expenses (5,765) (7,424) (14,723)
Other income - 25 54
Operating profit / (loss) 4 415 (1,606) (831)
Finance costs (540) (679) (1,245)
Finance income 56 77 152
Loss before tax (69) (2,208) (1,924)
Taxation (expense) / credit (15) 470 (19)
Loss for the year (84) (1,738) (1,943)
Other comprehensive income - - -
Total comprehensive loss for the year (84) (1,738) (1,943)
Basic loss per share (pence) 7 (0.07) (1.42) (1.58)
Diluted loss per share (pence) 7 (0.07) (1.42) (1.58)
All the above results are derived from continuing operations.
Consolidated balance sheet
At 29 June 2025
Notes (Restated)*
29 June 2025 30 June 2024 29 December 2024
£'000 £'000 £'000
Non-current assets
Intangible assets 8 7 7 7
Property, plant and equipment 9 8,054 8,937 8,431
Right-of-use assets 9 15,430 17,372 15,631
Deferred tax asset - 198 -
23,491 26,514 24,069
Current asset
Inventories 342 471 518
Trade and other receivables 1,911 1,775 1,367
Cash and cash equivalents 4,340 4,850 5,971
6,593 7,096 7,856
Total assets 30,084 33,610 31,925
Current liabilities
Borrowings (600) (600) (600)
Trade and other payables (6,880) (7,400) (6,972)
Lease liabilities (2,955) (3,077) (3,082)
(10,435) (11,077) (10,654)
Non-current liabilities
Borrowings (100) (700) (400)
Provisions for liabilities (577) (405) (790)
Lease liabilities (17,141) (19,672) (18,193)
Deferred tax liability (370) - (355)
(18,188) (20,777) (19,738)
Total liabilities (28,623) (31,854) (30,392)
Net assets 1,461 1,756 1,533
Equity
Share capital 10 1,227 1,227 1,227
Share premium 10,050 10,050 10,050
Other reserves 157 163 145
Retained losses (9,973) (9,684) (9,889)
Total equity 1,461 1,756 1,533
*Refer to Note 3 for detail regarding the restatement as a result of prior
period misstatement.
Consolidated statement of changes in equity
For the half-year ended 29 June 2025
Notes Share capital Share premium Other reserves Retained losses Total equity
£'000 £'000 £'000 £'000 £'000
At 30 December 2024 1,227 10,050 145 (9,889) 1,533
Total comprehensive income
Loss for the period 4 - - - (84) (84)
Transactions with owners
Share-based payments 6 - - 12 - 12
At 29 June 2025 1,227 10,050 157 (9,973) 1,461
At 1 January 2024 1,227 10,050 176 (8,268) 3,185
Correction of Prior Period Misstatement 3 - - - 322 322
Restated Total Equity at the beginning of the financial year 1,227 10,050 176 (7,946) 3,507
Total comprehensive loss
Loss for the period 4 - - - (1,738) (1,738)
Transactions with owners
Share-based payments 6 - - (13) - (13)
At 30 June 2024 1,227 10,050 163 (9,684) 1,756
At 1 January 2024 (restated*) 1,227 10,050 176 (7,946) 3,507
Total comprehensive income
Loss for the period 4 - - - (1,943) (1,943)
Transactions with owners
Share-based payments 6 - - (31) - (31)
At 29 December 2024 1,227 10,050 145 (9,889) 1,533
Consolidated statement of cash flows
For the half-year ended 29 June 2025
Notes Half-year ended 29 June 2025 Half-year ended 30 June 2024 Period ended 29 December 2024
£'000 £'000 £'000
Operating activities
Cash inflow from operations 11 918 2,029 5,116
Interest paid (40) (59) (121)
Interest received 56 77 152
Tax received - 46 110
Net cash from operating activities 934 2,093 5,257
Investing activities
Purchase of property, plant & equipment 9 (259) (2,212) (2,574)
Net cash used in investing activities (259) (2,212) (2,574)
Financing activities
Payment of lease liabilities, net of lease incentive received (2,006) (1,780) (3,161)
Bank loan repayments (300) (300) (600)
Net cash used from financing activities (2,306) (2,080) (3,761)
Decrease in cash and cash equivalents (1,631) (2,199) (1,078)
Cash and cash equivalents at beginning of period 5,971 7,049 7,049
Cash and cash equivalents at end of period 4,340 4,850 5,971
Notes to the financial information
For the half-year ended 29 June 2025
1. Basis of preparation
The consolidated financial information for the half-year ended 29 June 2025,
has been prepared in accordance with the accounting policies the Group applied
in the Company's latest annual audited financial statements for the period
ended 29 December 2024. These accounting policies are based on the UK-adopted
International Financial Reporting Standards ("IFRS") and International
Financial Reporting Interpretation Committee ("IFRIC") interpretations. The
consolidated financial information for the half-year ended 29 June 2025 has
been prepared in accordance with IAS 34: 'Interim Financial Reporting', as
adopted by the UK, and under the historical cost convention.
The financial information relating to the half-year ended 29 June 2025 is
unaudited and does not constitute statutory financial statements as defined in
section 434 of the Companies Act 2006. The comparative figures for the period
ended 29 December 2024 have been extracted from the consolidated financial
statements, on which the auditors gave an unqualified audit opinion and did
not include a statement under section 498 (2) or (3) of the Companies Act
2006. The annual report and accounts for the period ended 29 December 2024 has
been filed with the Registrar of Companies.
The Group's financial risk management objectives and policies are consistent
with those disclosed in the period ended 29 December 2024 annual report and
accounts.
The half-yearly report was approved by the board of directors on 25 September
2025. The half-yearly report is available on the Comptoir Libanais website,
www.comptoirlibanais.com (http://www.comptoirlibanais.com) , and at Comptoir
Group's registered office, 6th Floor, Winchester House, 259-269 Old Marylebone
Road, London, NW1 5RA.
2. Changes in accounting policies
The accounting policies adopted in the preparation of the consolidated
financial information for the half-year ended 29 June 2025 are consistent with
those followed in the preparation of the Group's annual consolidated financial
statements for the period ended 29 December 2024.
At the date of authorisation of the half-yearly report, the following
amendments to Standards and Interpretations issued by the IASB that are
effective for an annual period that begins on or after 1 January 2025. These
amendments have not had any material impact on the amounts reported for the
current and prior years.
Standard or Interpretation Effective Date
IAS 21 - Lack of Exchangeability 1 January 2025
New and revised Standards and Interpretations in issue but not yet effective
At the date of authorisation of these financial statements, the Group has not
early adopted the following amendments to Standards and Interpretations that
have been issued but are not yet effective:
Standard or Interpretation Effective Date
IFRS 18 - Presentation and Disclosure in Financial Statements 1 January 2027
IFRS 19 - Subsidiaries without Public Accountability: Disclosures 1 January 2027
As yet, none of these have been endorsed for use in the UK and will not be
adopted until such time as endorsement is confirmed. The directors do not
expect any material impact as a result of adopting standards and amendments
listed above in the financial period they become effective.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are not
readily apparent from other sources. The resulting accounting estimates may
differ from the related actual results.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.
In the process of applying the Group's accounting policies, management has
made a number of judgments and estimations of which the following are the most
significant. The estimates and assumptions that have a risk of causing
material adjustment to the carrying amounts of assets and liabilities within
the future financial years are as follows:
Depreciation, useful lives and residual values of property, plant &
equipment
The Directors estimate the useful lives and residual values of property, plant
& equipment in order to calculate the depreciation charges. Changes in
these estimates could result in changes being required to the annual
depreciation charges in the statement of comprehensive incomes and the
carrying values of the property, plant & equipment in the balance sheet.
Impairment of assets
The Group assesses at each reporting date whether there is an indication that
an asset may be impaired. If any such indication exists, or when annual
impairment testing for an asset is required, the Group makes an estimate of
the asset's recoverable amount. An asset's recoverable amount is the higher of
an asset's or cash-generating unit's fair value less costs to sell and its
value in use and is determined for an individual asset, unless the asset does
not generate cash inflows that are largely independent of those from other
assets or groups of assets.
Where the carrying amount of an asset exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount. In
assessing value in use, the estimated future cash flows are discounted to
their present value of money and the risks specific to the asset. Impairment
losses of continuing operations are recognised in the profit or loss in those
expense categories consistent with the function of the impaired asset. Please
refer to note 9 for further details on impairments.
Leases
The Group has estimated the lease term of certain lease contracts in which
they are a lessee, including whether they are reasonably certain to exercise
lessee options. The incremental borrowing rate used to discount lease
liabilities has also been estimated as the rate of interest that would be
payable to borrow a similar about of money for a similar length of time for a
similar right-of-use asset.
Deferred tax assets
Historically, deferred tax assets had been recognised in respect of the total
unutilised tax losses within the Group. A condition of recognising this amount
depended on the extent that it was probable that future taxable profits will
be available.
3. Correction of material prior period misstatements in accounting for
leases & fixed assets
As disclosed in the period ended 29 December 2024 annual report, there were a
number of historical adjustments to the brought forward right-of-use asset,
lease liability and opening reserve balances as at 2 January 2023 reflecting
corrections of prior period misstatements.
The errors have been corrected by restating each of the affected financial
statement line items for the prior periods. For further details of the
brought-forward restatements as at 2 January 2023, refer to the period ended
29 December 2024 annual report. The errors did not result in material prior
period profit and loss misstatements and as such no comparison to previously
released results has been presented.
4. Group operating profit / (loss)
Half-year ended Half-year ended Period ended
29 June 2025 30 June 2024 29 December 2024
This is stated after (crediting)/charging: £'000 £'000 £'000
Variable lease charges 170 290 368
Share-based payments expense / (credit) (note 6) 12 (13) (31)
Gain on lease termination (814) - -
Depreciation of property, plant and equipment (note 9) 636 644 1,304
Depreciation of right-of-use assets (note 9) 1,302 1,284 2,818
Exceptional legal and professional fees 58 103 188
Impairment of assets - - 944
Pre-opening and closing site costs 215 337 572
Other exceptional items - 123 (192)
Half-year ended Half-year ended Period ended
29 June 2025 30 June 2024 29 December 2024
£'000 £'000 £'000
Restaurant opening costs - 332 323
Restaurant closing costs 215 5 249
215 337 572
For the initial trading period following opening of a new restaurant, the
performance of that restaurant will be lower than that achieved by other,
similar, mature restaurants. The difference in this performance, which is
calculated by reference to gross profit margins amongst other key metrics, is
quantified and included within opening costs.
5. Operating segments
The Group has only one operating segment: the operation of restaurants with
Lebanese and Middle Eastern offering and one material geographical segment
(the United Kingdom). The Group has franchise operations across Europe &
the Middle East however these do not constitute a separate Operating Segment
in accordance with IFRS 8 "Operating Segments". The Group's brands meet the
aggregation criteria set out in paragraph 22 of IFRS 8 "Operating Segments"
and as such the Group reports the business as one reportable segment. None of
the Group's customers individually contribute over 10% of the total revenue.
6. Share options and share-based payment charge
On 4 July 2018, the Group established a Company Share Option Plan ("CSOP")
under which 4,890,000 share options were granted to key employees. The
exercise price of all options is £0.1025 and the term to expiration is 3
years from the date of grant. All options have the same vesting conditions
attached to them.
On 21 May 2021 under the existing CSOP, 3,245,000 share options were granted
to key employees. The exercise price of all options is £0.0723 and the term
to expiration is 3 years from the date of grant. All options have the same
vesting conditions attached to them.
On 17 April 2023 under the existing CSOP, 2,900,000 share options were granted
to key employees. The exercise price of all options is £0.0557 and the term
to expiration is 3 years from the date of grant. All options have the same
vesting conditions attached to them.
On 12 November 2024 under the existing CSOP, 6,250,000 share options were
granted to key employees. The exercise price of all options is £0.0415 and
the term to expiration is 3 years from the date of grant. All options have the
same vesting conditions attached to them.
The total share-based payment charge for the period was £12k (H1 2024: £13k
credit, 29 December 2024: £31k credit).
7. Loss per share
The Company had 122,666,667 ordinary shares of £0.01 each in issue at 29 June
2025. The basic and diluted loss per share figures, are based on the weighted
average number of shares in issue during the relevant period. The basic and
diluted loss per share figures are set out below.
Half-year ended Half-year ended Period ended
29 June 2025 30 June 2024 29 December 2024
£'000 £'000 £'000
Loss attributable to shareholders (84) (1,738) (1,943)
Weighted average number of shares Number Number Number
For basic loss per share 122,667 122,667 122,667
Adjustment for options outstanding - 450 832
For diluted loss per share 122,667 123,117 123,499
Loss per share: Pence per share Pence per share Pence per share
Basic (pence)
From loss for the year (0.07) (1.42) (1.58)
Diluted (pence)
From loss for the year (0.07) (1.42) (1.58)
The basic and diluted loss per share is calculated by dividing the profit or
loss attributable to ordinary shareholders by the weighted average number of
shares and 'in the money' share options in issue. Share options are classified
as 'in the money' if their exercise price is lower than the average share
price for the period.
As required by 'IAS 33: Earnings per share', this calculation assumes that the
proceeds receivable from the exercise of 'in the money' options would be used
to purchase shares in the open market in order to reduce the number of new
shares that would need to be issued. Any shares options that were not 'in the
money' as at the half-year ended 29 June 2025 would be considered antidilutive
and no adjustment would be made in respect of such share options.
8. Intangible assets
Goodwill Total
Cost £'000 £'000
At 30 December 2024 and 29 June 2025 90 90
Accumulated amortisation and impairment
At 30 December 2024 and 29 June 2025 (83) (83)
Net Book Value as at 29 June 2025 7 7
Net Book Value as at 30 June 2024 7 7
Net Book Value as at 29 December 2024 7 7
Intangible fixed assets consist of goodwill from the acquisition of Agushia
Limited, which included the Yalla Yalla brand. Goodwill arising on business
combinations is not amortised but is subject to an impairment test annually
which compares the goodwill's 'value in use' to its carrying value. No
impairment of goodwill was considered necessary in the current period.
9. Property, plant and equipment
Right-of use assets Leasehold land and buildings Plant and machinery Fixture, fittings & equipment Motor vehicles Total
Cost £'000 £'000 £'000 £'000 £'000 £'000
At 30 December 2024 33,599 11,253 5,528 4,694 38 55,112
Additions - 40 63 156 - 259
Disposals (2,105) (357) (224) (142) - (2,828)
Remeasurement 18 - - - - 18
Modifications 1,083 - - - - 1,083
At 29 June 2025 32,595 10,936 5,367 4,708 38 53,644
Accumulated depreciation and impairment
At 30 December 2024 (17,968) (7,296) (3,725) (2,040) (21) (31,050)
Depreciation during the year (1,302) (331) (148) (155) (2) (1,938)
Eliminated on disposal 2,105 357 224 142 - 2,828
At 29 June 2025 (17,165) (7,270) (3,649) (2,053) (23) (30,160)
Net book value
At 29 June 2025 15,430 3,666 1,718 2,655 15 23,484
At 30 June 2024 17,372 3,145 2,022 3,751 19 26,309
At 29 December 2024 15,631 3,957 1,803 2,654 17 24,062
At each reporting date the Group considers any indication of impairment to the
carrying value of its property, plant and equipment. The assessment is based
on expected future cash flows and value-in-use calculations are performed
annually and at each reporting date and is carried out on each restaurant as
these are separate 'cash generating units' (CGU). Value-in-use was calculated
as the net present value of the projected risk-adjusted post-tax cash flows
plus a terminal value of the CGU. A pre-tax discount rate was applied to
calculate the net present value of pre-tax cash flows. The discount rate was
calculated using a market participant weighted average cost of capital. A
single rate has been used for all sites as management believe the risks to be
the same for all sites.
For CGU's where indicators of impairment exist, the recoverable amount of each
CGU has been calculated with reference to its value-in-use. The key
assumptions of this calculation are shown below:
Growth rate 2%-5% depending on the restaurants forecasted growth & remaining term
Discount rate 5.3%
Number of years projected Four years followed by a terminal value based on the remaining lease term
The value-in-use figure has been calculated using the expected annual
cashflows of the Group from the latest forecasts at the time of review. In
producing the forecasts, the Directors have considered the impact of current
inflation levels, rising wage costs as well as the potential risk of
recession.
The growth rate is based on a combination of industry average growth rates,
actual results achieved historically and the current economic conditions.
Sensitivity analysis was performed on the forecasted cashflows as well as the
growth rate and only a significant reduction in cashflows would result in a
material impairment charge. Therefore, based on the impairment review and
sensitivity analysis carried out, an impairment charge of £nil (H1 2024:
£nil, 29 December 2024: £944k) was recorded for the period.
10. Share capital
Authorised, issued and fully paid Number of shares
29 June 2025 30 June 2024 29 December 2024
Brought forward 122,666,667 122,666,667 122,666,667
122,666,667 122,666,667 122,666,667
Nominal value
29 June 2025 30 June 2024 29 December 2024
£'000 £'000 £'000
Brought forward 1,227 1,227 1,227
1,227 1,227 1,227
11. Cash flow from operations
Reconciliation of profit/(loss) to cash generated from operations:
Half-year ended Half-year ended Period ended
29 June 2025 30 June 2024 29 December 2024
£'000 £'000 £'000
Operating profit / (loss) for the period 415 (1,606) (831)
Depreciation 1,938 1,928 4,122
Share-based payment charge / (credit) 12 (13) (31)
Other non-cash items - 123 -
Gain on lease termination (814) - -
Lease adjustments - 525 -
Impairment of assets - - 944
Movements in working capital
Decrease in inventories 176 51 3
Increase in trade and other receivables (544) (430) (498)
(Decrease) / increase in payables and provisions (265) 1,451 1,407
Cash generated from operations 918 2,029 5,116
12. Adjusted EBITDA
Adjusted EBITDA was calculated from the loss after taxation adding back
interest, depreciation, tax charges, share-based payments and
non-recurring/non-cash costs incurred in relation to restaurant sites, as
follows:
Half-year ended Half-year ended Period ended
29 June 2025 30 June 2024 29 December 2024
£'000 £'000 £'000
Loss after tax (84) (1,738) (1,943)
Add back:
Finance costs 540 679 1,245
Finance income (56) (77) (152)
Taxation expense / (credit) 15 (470) 19
Depreciation 1,938 1,928 4,122
Impairment of assets - - 944
EBITDA 2,353 322 4,235
Share-based payments (credit) / charge 12 (13) (31)
Gain on lease termination (814) - -
Exceptional legal and professional fees 58 103 188
Restaurant opening costs - 332 323
Restaurant closing costs 215 5 249
Other exceptional items - 123 (192)
Adjusted EBITDA 1,824 872 4,772
13. Subsequent events
No matter or circumstance has arisen since 29 June 2025 that has significantly
affected, or may significantly affect the Group's operations, the results of
those operations, or the Group's state of affairs in future financial years.
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