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Drake & Morgan see positive annual results

Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, has just announced its financial results for the year ended 31 March 2019.

Turnover increased 12% to £56m (53 weeks to 31 March 2019), and like-for-like turnover was up by 2.8%.

Adjusted EBITDA increased by 24.9% to £6.3m, and adjusted pre-tax profit stood at £1.9m.

The Anthologist at One St Peter’s Square, Manchester opened in July 2018, and two further conversions from the former C&B bars estate with the Little Fable in November 2018 and The Moniker in April 2019.

Regarding current trading, a strong Christmas period is anticipated with bookings well ahead of last year, after the challenging market conditions affected the first half of the current financial year.

A new central London site has been secured for 2020, taking the portfolio to 23 bars in London, Manchester and Edinburgh.

Commenting, CFO James Sherrington said, “2018/19 was a good year of progress – like-for-like sales were positive whilst a strong focus on productivity and efficiency savings delivered margin improvement and profit growth.”