Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, announces its financial results for the year ended March 2017.
- Turnover increased by 48.8% to £42.9m (52 weeks to 26 March 2017).
- LFL turnover up 5.0%.
- Adjusted EBITDA* increased by 39.2% to £5.0m.
- Adjusted pre-tax profit** was £2.0m.
- Acquisition of Corney and Barrow Bars completed in July 2016. To date, five of the acquired bars have been refurbished and relaunched with two sold.
- Three sites opened in 2016/17:
- The Refinery at St Andrew’s Square, Edinburgh;
- The Refinery Spinningfields, Manchester
- The Commission, in partnership with Delaware, Heathrow T4
- A further three sites have opened in the current financial year.
Commenting, CFO James Sherrington said: “2016/17 was a transformational year for the business with the acquisition of C&B Bars, three new openings and continued sales and profit growth in the existing business. Since the year end, three new London sites have opened, growing the estate to 23 in total – these are The Sipping Room in West India Quay, The Allegory in Principal Place, and The Listing in Cannon Green. Whilst like-for-like sales continue to grow, we remain cautious given the mixed performance across the sector and current consumer uncertainty.”
*Adjusted EBITDA is the operating profit before exceptional costs, pre-opening expenses, depreciation and amortisation.
** Adjusted pre-tax profit is the profit before tax before exceptional costs of the trading entities.