Comptoir Group PLC COVID-19 Update (8037G)
19 March 2020 - 10:31PM
UK Regulatory
TIDMCOM
RNS Number : 8037G
Comptoir Group PLC
19 March 2020
19 March 2020
Comptoir Group Plc
("Comptoir", the "Group" or the "Company")
COVID-19 Update
Comptoir Group Plc (AIM: COM), the owner and/or operator of
Lebanese and Eastern Mediterranean restaurants, today provides a
trading update.
Trading in January and February was in line with the board's
expectations. Trading over recent days has however been
increasingly significantly impacted by COVID-19. Following
continual guidance provided by the UK government and the Prime
Minister's announcement this week repeating the advice to avoid
unnecessary gatherings, including restaurants, the board of
Comptoir has taken the decision to close its restaurants with
immediate effect until further notice. The health of our staff and
our customers is the board's highest priority.
It is difficult to accurately assess the extent to which
COVID-19 could impact our trading and financial performance at this
time, however we expect a material reduction in our financial
expectations for 2020. The Company is taking all appropriate
actions to reduce the impact on the Group, including a reduction in
employee costs across head office and at site level and reduction
in other variable costs where possible.
As of 18 March 2020, the Company had net cash at bank of GBP6.0
million. The directors have always adopted a prudent approach to
cash management and believe this will stand the Company in a good
position as it enters this period of uncertainty.
The Company intends to release its financial results for the
year ended 31 December 2019 in April 2020.
For further information, please contact:
Comptoir Group plc
Chaker Hanna, CEO Tel: +44 (0)20 7486 1111
Mark Carrick, CFO Tel: +44 (0)20 7317 0409
Canaccord Genuity Limited (NOMAD and Tel: +44 (0)20 7523 8000
Broker)
Bobbie Hilliam
Georgina McCooke
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END
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