Comptoir Group (AIM:COM), the AIM-listed owner of Lebanese, Middle Eastern and North African inspired restaurants, reported revenue of £15.7m for the six months to 28 June, down from £16m a year earlier.
The decline equated to a 0.7% drop on a like-for-like basis, which the group attributed to cost of living pressures and macro uncertainty tied to the situation in the Middle East.
Adjusted EBITDA before highlighted items rose to £0.2m from £0.1m, which the group said reflected operational efficiencies and cost discipline offsetting the softer top line. The IFRS loss after tax widened to £0.2m from £0.1m, a move the company said reflects the non-repeat of a one-off gain on lease termination recognised in the prior-year period.
Adjusted net cash stood at £1.6m at the period end, down from £2.3m a year earlier and £1.9m at the last financial year-end, which chief executive Chaker Hanna linked to restructuring costs and settlement of historic accrued liabilities.
The group's remaining external debt facility has fallen to £0.1m and remains on track for full repayment by September.
Comptoir now operates 20 owned sites alongside seven franchise locations, having opened a new franchise site at Rome's Termini station in July. It has also signed an agreement to open a franchise operation in Algeria, with the partner an entity owned by founder and majority shareholder Ahmed Kitous.
Three franchise sites in the Middle East were temporarily closed amid regional unrest and, while trading has resumed, performance has not yet fully recovered to pre-disruption levels.
A further franchise site in Venice remains in the pipeline, now expected to open in the third quarter.
