Drake & Morgan financials for the year ending March 2018 reveal a turnover increase of 16%, a result which the firm insists highlights another ‘year of progress.’
The increase saw turnover soar to £49.7m in the 52 weeks to March 25, while like-for-like turnover was up by 1.2%.
James Sherrington, CFO, also felt that the fact adjusted EBITDA stayed in line at a flat £5m and pre –tax profit rose by £1.3m was also a positive.
He said: “2017/18 was another year of progress for the business as the market faced challenging trading conditions. Despite this, like-for-like sales were positive and although margins were impacted by cost inflation in staff, food costs and property costs, we were able to maintain EBITDA in line with the previous year.”
Additionally, the firm was able to open three new sites throughout the year which included The Sipping Room in Canary Wharf, The Listing in the City of London and The Allegory in Shoreditch.
Discussing the outlook for the current year, Drake & Morgan said how it is again seeing positive growth meaning it could afford to open another site in Manchester and refurbish a further two.