Deltic hails wet-led recovery after reporting £1.1m rise in EBITDA

15 August 2018 by
Deltic hails wet-led recovery after reporting £1.1m rise in EBITDA

Deltic has indicated its optimism for the future of wet-led operations after reporting a £1.1m rise in EBITDA to £14.6m.

The group, which runs 57 nightclubs and bars, reported that turnover rose from £102m to £106m for the year to 24 February 2018. Profit before tax was £3.2m, compared to a loss of £1.5m in the year before.

Deltic made an ultimately failed approach to buy Revolution Bar Group last year, costing the business £1.1m for the aborted process.

During the period Deltic acquired the Terrace bar and restaurant in Exeter, which it said would bring further diversity to its offer.

Director Peter Marks said: "While casual dining is struggling, late-night, wet-led is thriving and with oversupply already removed from our sector in the years post 2005 and no new regulatory issues on the horizon, Deltic and other town centre operators are investing in their offering and have confidence again."

Deltic withdraws offer for Revolution Bars Group >>

Deltic acquires 3% stake in Revolution Bars >>

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