Deltic reports 1.4% growth in turnover to £102m
Late-night bar and club operator the Deltic Group has reported a 1.4% growth in turnover to £102.2m in its audited annual results for the year ended 25 February 2017.
The UK's largest operator of late night bars and clubs, with 57 clubs and bars throughout the UK across brands including Bar&Beyond, ATIK and PRYZM, has reported a "resilient" performance providing a "strong platform for growth".
Despite sector challenges, including the impact of student fees, Deltic has seen its admissions grow by 6.8% to more than seven million over the past 12 months. Underlying EBITDA was in line with last year's results at £13.3m, although underlying operating profit was down from £8.6m to £5.6m.
Looking ahead, the company intends to continue its refurbishment programme, with further investments planned in Hull, Wrexham, Uxbridge and Bournemouth.
The group recently proposed a merger with Revolution Bars Group, and despite Revolution agreeing a £101m takeover offer from Stonegate pub company yesterday, hasn't given up on the possibility of securing a merger.
Peter Marks, chief executive of the Deltic Group, said: "FY17 was another exciting and successful year for Deltic. Progress was underpinned by the strength of the Deltic estate, its quality brands, and our colleagues' steadfast dedication to delivering exceptional customer experience. The board remains confident that we are well placed to build on this momentum of the business."
"As a leader in the late night sector, with a strong balance sheet, we were able to continue to invest in a range of long term growth opportunities. The current year has started well, with LFL sales increasing 3.85%, and I am confident that the initiatives we have in place will enable us to respond even more effectively to customer trends."
Revolution Bars agrees Stonegate's £100m takeover offer >>
Deltic proposes merger with Revolution >>
Consumer spending on late night leisure up 6.3% >>
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