Drake and Morgan EBITDA slides amid ‘record’ xmas bookings
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
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Drake and Morgan has seen its adjusted EBITDA fall to £4.1m for the year ended 26 March 2023, down from £5m in the same period last year.
However, the company saw its turnover increase to £43.3m up from the £35.9m it posted 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.
Despite this the company has seen “record” Christmas bookings which are up more than 20% on last year across its whole estate.
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.
CFO David King said: “We have been extremely pleased with the underlying performance of the business with our core weekday trade now being complemented by some fantastic weekend events, helping to deliver continued sales growth. This is further reflected in our bookings for Christmas 2023, which look set to deliver a record festive season.
“We were pleased to see the outcome of the recent RMT ballot and urge others to reach a resolution which will allow the business to reach its full potential. We remain confident in our ability to offer all our customers – leisure and corporate – exceptional experiences and look forward to an exciting year ahead.”
