Deltic returns to growth despite market challenges
Late night bar and club operator Deltic has reported a return to turnover, earnings and profit growth in its annual results.
The group's annual results for the year ended 24 February 2018 detailed turnover of £106.5m, up from £102.2m last year, with total sales growth of 4.2% and like-for-like growth of 4.9%.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) exceeded Deltic's forecast at £14.5m, compared to £13.2m in 2017, and its focus on pre-booked sales has been maintained with growth of 8%.
Marks also said the group is "keeping its options open" in a report in The Timeswhich suggested the group is considering a possible stock market listing.
Despite the market headwinds including business rates, energy levies, National Minimum Wage and Living Wage increases, changes in alcohol duties and the introduction of the apprenticeship levy, Deltic expressed confidence in its ability to invest in its offerings.
During the financial year the group invested £5.7m in refurbishing and relaunching 10 bars and clubs across the country, which included 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, completing its refurbishment programme and allowing the company to put more funding towards acquisitions. The first of these acquisitions was successfully completed in March 2018 with the addition of the Terrace in Exeter.
Deltic Group is the UK's largest late night bar and club operator with 55 clubs and bars throughout the UK.
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