Fridays owner Hostmore revenue soars in maiden results as CEO warns of ‘challenges raised by Ukraine crisis’
Fridays owner Hostmore has reported revenue standing at £159m as the hospitality operator strikes out on its own after a demerger.
Hostmore made its debut on the London Stock Exchange last November after it was made a separate entity from Electra Private Equity.
Now, in results for the 53 weeks ended 2 January 2022, the hospitality operator has reported revenue up on the prior year’s figure of £129.1m, when the sector was hammered by Covid restrictions.
Shares were down more than 10 per cent in late trading on Monday evening.
Like for like revenue since the phased easing of Covid measures in May 2021 to the end of the trading period rose four per cent on the 2019 financial year. This was despite the impact of the Omicron variant and restrictions on working from home and mask-wearing.
The firm reported a group loss after tax of £0.6m, compared to £17.3m for the 52 weeks ended 27 December 2020.
Robert B. Cook, Hostmore chief executive officer, said the firm was “well prepared to meet the expansionary goals which gave rise to Hostmore,” with the company planning six new sites.
Sites to open in the 2022 financial year include a quick service concept restaurant Fridays and Go, opening in Dundee.
There will also be Edinburgh and Cambridge sites for the 63rd + 1st bar and restaurant brand, as well as new Fridays sites in Chelmsford, Barnsley and Durham.
Fresh challenges loomed, the CEO said, with skyrocketing inflation and a cost of living crisis to hit millions of Brits.
Cook said that Hostmore would “no doubt face new macro-economic challenges as we proceed this year, together with the challenges raised by the Ukraine crisis.”
However, the firm was “now well positioned to consider opportunities for both organic growth via our existing brands.”