Comptoir's shares fall after FY loss, reduced opening schedule for 2018

Comptoir Group fell to a full-year pre-tax loss for 2016, a result it described as in line with expectations, and said a reduced opening schedule for 2018 would impact that year's financial performance.

"The Group ended the year (2016) with 22 restaurants and 2 franchise operations, ahead of expectations and is currently trading from 23 restaurants," said the Lebanese restaurant chain's chairman, Richard Kleiner.

"Due to the Group's opening programme being ahead of the schedule anticipated at the time of IPO, the Group expects to only open a further three restaurants during the current year."

Kleiner said 2017 would therefore be focused on bedding in new openings, promoting the Comptoir brand to consumers in new locations and delivering on anticipated returns.

"During the first quarter of 2017 we have experienced the UK consumer being cautious. Trading in January and February, traditionally the company's quietest months, was below expectations, however, we saw improved trading in March," the chairman said.

He added that Comptoir anticipated further positive trading in April, which included Easter, and into the summer months.

"The board has made the decision to reduce its opening schedule for 2018 to 4 restaurants in 2018 (4 in 2017), which will impact the financial performance in 2018.

"The board will increase the numbers of openings ahead of this revised 2018 target if suitably attractive locations become available and dependent on market conditions."

The company's IFRS pre-tax loss was £1.0m, from a profit of £1.3m. Revenue improved 21% to £21.5m, from £17.7m. At 14:02 GMT, shares in AIM-traded Comptoir were down 12.74% to 44.5p.