WAGAMAMA owner
In results posted yesterday,
The group was boosted by diners returning to restaurants and pubs after the easing of Covid-19 restrictions, with increased sales pushing the group's adjusted ebitda up to £41.7m, up from £11.2m in 2021 when hospitality venues were forced to close their doors.
The business also swung back into profit, posting an adjusted profit before tax of £10.2m versus a loss of £19.9m in 2021.
The rosy results come at a difficult time for hospitality, with businesses facing increased costs, rising energy bills and consumers pulling back their spending.
"Whilst the uncertain consumer environment presents challenges for the hospitality sector, the group is well positioned to further develop our brands to deliver long-term growth for all stakeholders underpinned by our strong balance sheet,"
Shares closed up almost three per cent yesterday.
(c) 2022 City A.M., source