Drake & Morgan reports 'good year of progress' as turnover increases by 12%

Drake & Morgan has reported “a good year of progress” as turnover increased by 12% in the 53 weeks to 31 March 2019, off like-for-like sales increases of 2.8%.

Turnover reached £56m in the period, with earnings before interest, tax, depreciation and amortization (EBITDA) increasing 24.9% to £6.3m. Adjusted pre-tax profits stood at £1.9m.

The year had seen one opening in Manchester and two conversions from the former C&B bars estate. A new site in central London has been secured to open in 2020, which will take the portfolio to 23 bars across London, Manchester and Edinburgh.

CFO James Sherrington said: “2018/19 was a good year of progress – like-for-like sales were positive whilst a strong focus on productivity and efficiency savings delivered margin improvement and profit growth.”