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Hostmore PLC - West Sussex, England-based owner of casual dining brand Fridays - Says revenue during second half of 2023 was flat on a like-for-like basis compared with prior year. This was an improvement on the first half, which was down 2% to £93.6 million from £98.5 million. Says December saw LFL revenue rise 4%, a ‘particularly encouraging’ result, despite reduced operating hours at retail parks and shopping centres during holiday period. Also expects to report FRS102 earnings before interest, tax, depreciation and amortisation of £5.4 million, following a £3.8 million loss in 2022, with second-half earnings benefitting from restructuring actions implemented in first half. Net bank debt at December 31 was £25.1 million, down from £31.3 million at July 2. Chief Executive Officer Julie McEwan says: ‘We have continued making good progress in executing our turnaround strategy, through disciplined capital allocation and the delivery of further cost reductions. Our organic growth initiatives, implemented through a strong and motivated operational platform, have improved the financial outlook of the business and continue into 2024.’ Current stock price: 21.89 pence, down 8.4% on Tuesday afternoon 12-month change: up 71% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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