Comptoir Group ‘optimistic and cautious’ for the year ahead following marginal revenue rise

The Lebanese-focused restaurant group, whose portfolio includes the Comptoir Libanais, Shawa and Yalla-Yalla brands, reported group revenue of £31.5m for the year ended 31 December 2023, a 1.4% rise on the previous year, with like-for-like sales up 1.3%.

Adjusted EBITDA for the period was £0.1m (2022: £2.8m), with the group reporting a loss after tax of £1.6m (2022: £0.6m profit).

Beatrice Lafon, non-executive chair at Comptoir Group, says the results were ‘in line with management expectations’ and ‘reflect the continued effects of the consolidation strategy put in place by the board in August 2022 to rebuild the teams after the pandemic, and manage the headwinds created by the inflationary pressures on wages, ingredients and utility costs whilst establishing a strong foundation for growth’.

“In 2023, the board also chose to invest in our infrastructure, to create a resilient supply base and to take steps to progress with our ESG roadmap,” says Lafon.

“We have started to invest in green technology, updated both our sourcing policies and partners, and designed menus more coherent with our carbon neutral goals.

“All brands benefited from a total revamp of our menus to increase the mix of plant-based options, whilst offering ever more new and authentic recipes.

“Growth in NPS, now at over 74% on a rolling 12-month basis and continued reduction in staff turnover, give us confidence in the value of our plan for the medium term.”

Over the period, Comptoir closed one site in Leeds and opened a new one in Ealing (pictured), leaving it with an estate of 28 sites consisting of 22 managed and six franchised restaurants.

Moving into the current year, the group has opened a new franchised Shawa in Abu Dhabi; a new directly managed Comptoir flagship in London’s Southbank; closed Yalla Yalla Soho; and brought Cheshire Oaks into the managed portfolio.

A refurbishment program has also been launched; and a digital strategy has come into force featuring new websites, online booking systems and online partnerships.

Comptoir’s new senior leadership team will be in place by the summer.

“On behalf of the board, I would like to thank all our colleagues who worked tirelessly to transport our guests to a happy place, every time,” Lafon continues.

“We are proud of how well our colleagues are adapting to new ways of working, placing our famous hospitality and amazing food at the core of all they do. I would also like to thank our senior executive team, our old and new partners and shareholders for enabling all the changes to land successfully.

“We remain optimistic and cautious about 2024 as costs and prices continue to rise in high single and double digits and footfall remains both challenged and erratic. We are focussed on executing our plan well, to be in a strong position to capitalise on any demand recovery.

“The business enters 2024 with renewed energy and a new team, a balanced portfolio of brands and locations and a strong cash position.”