London-based bar and restaurant group Drake & Morgan said today that Christmas bookings are “well ahead” of last year.
The news comes as a boost to the business given that it was forced to endure challenging market conditions during the first half of its current financial year, which runs until 31 March 2020.
Bosses at the chain, which is backed by Bowmark Capital, said they anticipate a “strong” Christmas period, and have secured a new central London site for 2020, taking the portfolio to 23 bars in London, Manchester and Edinburgh.
The company shared its future outlook after releasing its financial results for the year ended 31 March 2019.
Turnover increased 3% on a like-for-like basis and 12% overall to £56m, ending the year with pre-tax profits of £1.9m.
CFO James Sherrington said: “2018/19 was a good year of progress – like-for-like sales were positive whilst a strong focus on productivity and efficiency savings delivered margin improvement and profit growth.”