LONDON (ShareCast) - (Sharecast News) - Hostmore, the operator of restaurant chain Fridays, said on Monday that it had narrowed its full-year losses as it announced the departure of its chairman.
In the company's maiden results, it said pre-tax losses for the 53 weeks to 2 January narrowed to £1.58m from £20.19m the year before, on total revenue of £159m, up from £129.1m. The group, which was spun out of Electra Private Equity last year, swung to an operating profit of £12m from a loss of £7.8m.

Hostmore said like-for-like revenue since the gradual lifting of restrictions in May last year to the period end was 4% ahead of the FY19 comparable period, despite the impact of the Omicron variant in the key December trading period.

Chief executive Robert B. Cook said: "I am delighted to report a strong financial performance, in our maiden results as a publicly listed company, considering the challenges of the past two years. My colleagues in-store, at the support centre, and all stakeholders, have positively contributed to trading and the strengthening of our balance sheet. Consequently, we are well prepared to meet the expansionary goals which gave rise to Hostmore.

"Whilst we will no doubt face new macro-economic challenges as we proceed this year, together with the challenges raised by the Ukraine crisis, we are now well positioned to consider opportunities for both organic growth via our existing brands, including the very first Fridays and Go quick service concept restaurant which opens in Dundee later this week, and the acquisition of small disruptor brands that are seeking investment capital to grow."

As far as current trading is concerned, Hostmore - which also owns the 63rd +1st chain - said LFL revenues for the eight weeks to 27 February, adjusted for stadium venues, are around 3% lower than FY19.

The company also announced on Monday that chairman Neil Johnson plans to retire from the board at the end of the annual general meeting on 27 May. Non-executive director Gavin Manson has been appointed to succeed Johnson as chairman. Until January 2022, he was chief financial and operating officer of Electra.

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