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Drake and Morgan has announced record festive trading with like-for-like sales up 31.7% against the same period in 2022.
This trading followed “record” Christmas bookings which were up more than 20% on last year across its whole estate.
Despite this, the company saw its adjusted EBITDA fall to £4.1m for the year ended 26 March 2023, down from £5m in the same period last year.
The company put the EBITDA fall down to industrial action from rail unions estimating that this impacted sales and EBITDA by £2.5m and £1.4m respectively.
Its ongoing investment in terraces supported revenue post-summer, with igloos installed at The Sipping Room and a revamped outside bar at The Parlour, both in Canary Wharf.
Jillian MacLean, CEO and founder of Drake and Morgan, said: “After several years of disruption, we were finally able to deliver an uninterrupted festive season which is reflected in these excellent results. We are incredibly proud of the team whose hard work delivered not only exceptional trading, but a fantastic experience for all our guests. These results are hugely encouraging for 2024 and we are optimistic for the year ahead.”
Drake and Morgan operates 17 premium bars and restaurants in London and Manchester.
