05 December 2007
Unaudited Interim results for the 6 months ended 30 September 2007
The Clapham House Group PLC (“Clapham House” or the “Company”)
5 December 2007
Unaudited Interim Results
for the six months ended 30 September 2007
Clapham House, owner and operator of Gourmet Burger Kitchen (“GBK”), Tootsies, The Bombay Bicycle Club (“BBC”) and The Real Greek (“TRG”), today announces its interim results for the six months ended 30 September 2007.
Highlights :
• Turnover increased for the six months by 37% to £28.1m (2006: £20.6m)
• Adjusted EBITDA* increased for the six months by 50% to £3.3m, (2006: £2.2m)
• Adjusted profit before taxation* increased for the six months by 21% to £1.5m (2006: £1.2m)
• Net debt at 30 September 2007 of £13.3m (2006: £5.8m)
• Clapham House operates 90 restaurants, up from 72 at the start of the current financial year
Current trading :
• Continued successful expansion of GBK with encouraging results from openings outside London
• Sales shortfall at Tootsies exacerbated by recent poor sales at 11 shopping and leisure centres restaurants
• Clapham House plans a more conservative opening programme of 18 restaurants for FY09
David Page, Executive Chairman, The Clapham House Group PLC, commented:
“During the first six months of the year we have again seen an increase in profits and an acceleration of our opening programme for GBK, where returns continue to be excellent. The performance of the GBKs opened this year outside London underlines our confidence that this format can be rolled out nationally. As a result of our cautious view on the UK economic outlook, we are now adopting a more conservative opening programme for the next financial year in which we now anticipate opening a total of 18 restaurants.”
* before restructuring costs and share based payments