16 July 2010
Unaudited preliminary results for the year ended 28 March 2010
The Clapham House Group PLC (AIM: CPH), owner and operator of Gourmet Burger Kitchen ('GBK') and The Real Greek ('TRG'), today announces its unaudited preliminary results for the year ended 28 March 2010.
Financial highlights for the year:
- Revenue increased 4.2% to £44.5m (2009 restated: £42.7m)
- Headline EBITDA* of £6.0m (2009 restated: £7.3m)
- Profit before taxation increased 50% to £1.5m (2009 restated: £1.0m)
- Basic continuing EPS for the year of 2.1p (2009 restated: 0.8p)
- Net debt as at 28 March 2010 of £10.1m (2009: £13.6m)
All numbers above are shown for continuing operations only.
Opening programme and current trading:
- 2 new GBK restaurants opened in the UK and 5 new international franchised restaurants in FY10
- 1 new GBK restaurant opened and a further GBK site under construction in FY11
- 2 further GBK sites in legals
- Improving sales trend in Q1 interrupted by impact of World Cup in June 2010
- Launch of first GBK retail product through Waitrose and Ocado from July 2010
* Headline EBITDA is defined as profit before taxation and before impairment of property, plant and equipment, impairment of goodwill and intangible assets, onerous lease costs, restructuring costs, share based payments, pre-opening costs, depreciation and amortisation, finance income and finance costs.
David Page, Executive Chairman, The Clapham House Group PLC, commented:
"Whilst we saw generally improving trading trends in April and May, the World Cup, as expected, had a negative impact on sales in June. For the remainder of the financial year we expect trading conditions in the UK to remain challenging. Following the placing of shares in May, we will press on with the selective expansion of GBK into high quality locations."