Seafood Pub Company sees losses increase

By Georgi Gyton

- Last updated on GMT

Current trading: 'Post year-end the group has continued to achieve year-on-year growth in a difficult trading environment', according to Joycelyn Neve
Current trading: 'Post year-end the group has continued to achieve year-on-year growth in a difficult trading environment', according to Joycelyn Neve

Related tags: Seafood pub company

Seafood Pub Company has reported a group loss after tax of £2.73m for the full-year to 31 December 2018, compared to a loss of £1.15m the previous year, after higher administrative expenses and cost of sales impacted profits.

According to the latest accounts filed at Companies House, the 10-strong country inns business, achieved an 1% increase in revenue, with turnover of £9.94m, compared with £9.82m in 2017, as reported by The Morning Advertiser's​ sister title MCA Insight​. Gross profit stood at £2.55m, compared with £3.19m in 2017.

Director Joycelyn Neve said the group continued to trade in line with previous years. “Post year-end the group has continued to achieve year-on-year growth in a difficult trading environment,” she said.

One-off expenses for the year included the exit of one non-core site, Roaming Roasters, as well as system improvements and restructuring, with these costs not expected to repeat in future years, said Neve.

According to the report, “the directors are satisfied with the underlying EBITDA performance and feel the group is well positioned for future growth”, following its investment in people, systems and trading sites during the year.

“The long-term strategy continues to be to develop the Seafood Pub Company brand, both organically and through acquisition, to widen out geographical presence,” added Neve.

Related topics: MA500 Business Club

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