Deltic reports 4.9% increase in like-for-like sales
Deltic sales totalled £106.5m for the period – up from £102.2m in 2017.
Underlying EBITDA exceeded forecasts at £14.5m – up from £13.2m in 2017.
Total sales growth was 4.2% with a record 7.5m admissions during the year.
Deltic said its estate refurbishment programme continues, with £5.7m invested to relaunch 10 bars and clubs across the country, including Portsmouth PRYZM, a number of ATIKs, the company’s twin room brand, a Steinbeck & Shaw bar adjacent to Brighton PRYZM and a Bar&Beyond in Norwich.
The Group plans to invest a further £5.5m in the coming year to complete the refurbishment programme.
Deltic said this will enable the company to divert more funding to be put to use on strategic acquisitions, following the acquisition of The Terrace, a premium restaurant and club in Exeter, in March 2018.
The group said while the casual dining is struggling, late-night, wet-led is thriving, with the oversupply already removed from the sector in the years post 2005 and no new regulatory issues on the horizon.
Peter Marks, Chief Executive of Deltic, said “Our strong performance is testament to the hard work of our staff and management, our continued investment in the estate, and our focus on providing up to date contemporary designed clubs and bars, most of which dominate their local target market.
“It also demonstrates what we already know – that there is a continued appetite for a great night out, and we’re pleased to see that performance has continued into this year. Current trading is in line with management’s expectations – we’re experiencing the usual seasonal downturn, which is exaggerated by the hot weather and England’s World Cup progress – but we’re confident this will pick up as we build to the peak trading period from September onwards.”
