Drake & Morgan boosts turnover 16%

Bar and restaurant group Drake & Morgan has announced an increase in turnover of 15.9% to £49.7m.

In its financial results for the 52 weeks to 25 March 2018, the London-based group backed by Bowmark Capital described its performance as "positive" with "good" like-for-like sales and growth in earnings before interest, tax, depreciation and amortisation (EBITDA).

Like-for-like turnover was up 1.2%, with adjusted EBITDA flat at £5m and adjusted pre-tax profit of £1.3m.

The group opened three sites during the period: the Sipping Room in London's Canary Wharf, the Listing in the City and the Allegory in Shoreditch, while the Anthologist One St Peter's Square in Manchester opened in the summer and a further two Corney & Barrow Bars have been refurbished. The group has 22 sites in total across London, Edinburgh and Manchester.

Chief financial officer, James Sherrington, said: "2017/18 was another year of progress for the business as the market faced challenging trading conditions.

"Despite this, like-for-like sales were positive and although margins were impacted by cost inflation in staff, food costs and property costs, we were able to maintain EBITDA in line with the previous year whilst making investments to support future growth. Trading in the current year has been positive with good like-for-like sales and EBITDA growth."

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