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London-based hospitality operator, Incipio Group, has reported record sales of £25.9m for the year to 31 December 2023, having increased 32% against 2022.
Meanwhile, the group also reported “record” adjusted EBITDA on continuing operations of £2.5m – a £1.8m improvement on the previous year.
It comes as the group focused on its operational performance, which saw gross profit margins increase from 76% in 2022 to 78% in 2023. This was bolstered by “significant” capital investment in the existing estate and in a new site in Angel – The 411.
Incipio Group invested £2.5m on refurbishments at The Prince, Pergola Brixton, as well as the completion of its capital works at the Palm House following improvements to its licence.
The group ended the year with eight sites fully trading, with its short-term lease being Pergola Paddington, which ended post year-end in January 2024.
Meanwhile, the lease of the Lost in Brixton was improved to a new 10-year lease in April 2023.
During 2023, the sector continued to battle against inflationary headwinds, with cost of goods and team costs putting on margins, whilst energy costs continued to “erode the bottom line”.
However, group debt narrowed to £3.5m during the year from £4m 2022 in. according to Incipio, all loans are now being paid down, with all term debt due to be repaid by August 2028.
