Drake and Morgan sees post-covid rebound as losses narrow to £1.4m
The company also announced that it was on track to raising over £100k in its partnership with Pennies, with money due to go to the groups nominated charities
Restaurant and bar Drake and Morgan has revealed it has seen its losses narrow to £1.4m, down from a loss of £19m, in its results for the full year ended 27 March 2022.
The company posted turnover of £35.9m compared with £5.2m last year and adjusted EBITDA profit of £5m compared with a £10.3m loss the prior year.
Drake and Morgan stated that investment in its terraces during an unusually long and warm summer helped drive this growth alongside developing its staff by opening the Drake and Morgan training academy.
According to the company trading for Christmas 2022 has been strong despite the external economic factors and industrial action affecting the industry.
CFO David King said: “We have been extremely pleased by the resilience of the business as it emerged from the impact of the pandemic. This is despite the ongoing challenges the hospitality industry faced in the period, from restricted trading at the start of the financial year through to ‘Plan B’ impacting the Christmas trading period.
“Our commitment to creating exceptional experiences through exciting collaborations and events continues to attract new customers, deliver increased sales and has enabled our performance to continue to improve in the current financial year.”
The company also announced that it was on track to raising over £100k in its partnership with Pennies, with money due to go to the groups nominated charities.
