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 GBP93.6 million from GBP98.5 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 GBP5.4 million, following a GBP3.8 million loss in 2022, with second-half earnings benefitting from restructuring actions implemented in first half. Net bank debt at December 31 was GBP25.1 million, down from GBP31.3 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%

By Emma Curzon, Alliance News reporter

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