Interim Results

Comptoir Group PLC

20 August 2026

 

20 August 2026

Comptoir Group Plc

("Comptoir", the "Group" or the "Company")

Interim Results

Comptoir Group Plc (AIM: COM), the owner and operator of Lebanese, Middle Eastern and North African inspired restaurants is pleased to announce its interim results for the six months ending 28 June 2026.

Highlights:

·      Group revenue of £15.7m, (H1 2025: £16.0m), 0.7% decrease on a like for like ("LFL") basis

·      Adjusted EBITDA* before highlighted items of £0.2m (H1 2025: £0.1m)

·      IFRS loss after tax of £0.2m (H1 2025: loss of £0.1m)

·      Adjusted net cash** at the period end of £1.6m (H1 2025: £2.3m, 28 December 2025: £1.9m)

·      Basic loss per share was 0.15 pence (H1 2025: basic loss per share 0.07 pence)

·      The Group currently owns and operates 20 sites with a further 7 franchise sites in the portfolio.

·      Our newest franchise site opened in Roma Termini Station in July 2026.

·      An agreement to open a new franchise operation in Algeria has been signed in August 2026, with the franchise partner an entity owned by our founder and majority shareholder, Ahmed Kitous.

*Adjusted EBITDA is a non-GAAP measure and is calculated from the loss after taxation adding back net interest, depreciation, tax charges, share-based payments and non-recurring costs (note 11)

** Adjusted Net Cash is a non-GAAP measure and is a metric used by the Board to review the capital position of the Group after adjusting for non-recurring fluctuations to Net Cash. The metric is presented pre IFRS-16 and as such lease liabilities are not considered an adjustment to net debt.

Enquiries: 

Comptoir Group plc	0207 486 1111
Chaker Hanna - Chief Executive Officer
James Fisher - Finance Director
Tony Kitous - Founder / Director
Cavendish Capital Market Limited (Nominated Adviser and Broker)	0207 220 0500
Corporate Finance: Matt Goode / Elysia Bough
Corporate Broking: Ella Bedford

Notes to Editors

Comptoir Group PLC owns and operates 27 Lebanese and Middle Eastern inspired restaurants, seven of which are franchised, based predominantly in the UK. The flagship brand of the Group, Comptoir Libanais, is a collection of 23 restaurants located across London, nationwide and international Travel Hubs, including cities such as Manchester, Bath, Birmingham, Oxford, Dubai, Milan and Rome.

The name Comptoir Libanais means Lebanese Counter and is a place where guests can eat casually and enjoy Lebanese and Middle Eastern food, served with warm and friendly hospitality and a bright vibrant environment.

The Group also operates Shawa, serving traditional shawarma through a counter service model in Westfield and Bluewater shopping centres and Abu Dhabi, and Yalla-Yalla with a branch near Oxford Circus.

The Group has expanded internationally with its franchise partners Avolta, Areas and Qatar Airways, with restaurants in the Netherlands, Qatar, UAE and Italy.

Chair's statement

Against a backdrop of ongoing global macro-economic uncertainty, I am pleased to report on a resilient H1 performance for the Group.

The Group delivered an Adjusted EBITDA of £0.2m for the period (H1 2025: £0.1m). Our LFL sales saw slight decline of 0.7%, reflecting the tough external trading conditions. Ongoing cost of living pressures and the increased macro uncertainty caused by the situation in the Middle East continues to put a strain on consumer's disposable income. Despite these ongoing challenges, our continued focus on operational efficiencies and cost management have helped to mitigate some of the impact at the EBITDA level.

The Group had an adjusted net cash balance of £1.6m at the end of the period (H1 2025: £2.3m), with the year-on-year movement reflective of exceptional costs through H2 2025 that were previously disclosed in our FY25 Annual Report. The Group's external debt will be repaid by September 2026, and prudent capital management remains imperative in order to position the Group for growth beyond 2026.

Franchise operations continue to be an attractive growth opportunity for the Group. Whilst our sites in the Middle East were, and continue to be, impacted by the situation in Iran, we remain confident they will recover swiftly once the situation stabilises. We are pleased to announce that we have opened a new franchise site in Roma Termini station in July 2026 and that we have an agreement in place to open a new operation in Algeria later in the year. As highlighted in the FY25 Annual Report, a site in Venice remains also in the pipeline, which is now expected to open in Q3.

There is no getting away from the fact that current market conditions remain challenging for the hospitality industry as a whole. It remains to be seen whether the recent changes in the UK Government will lead to greater support for the sector, but we are mindful that a number of challenges lie ahead. Developments in the Middle East are also something we are watching closely, given their potential influence on costs and customer sentiment, as well as their impact on our Franchise partners. Notwithstanding these factors, through the consistent and disciplined management of capital, the Group is well placed to navigate these pressures, and we remain committed to delivering real value and outstanding guest experiences, notwithstanding the economic challenges in the sector currently.

On behalf of the Board, I would like to thank our teams who continue to work tirelessly to deliver excellence across our brands both in quality of product and service. It has been a resilient H1 performance in a challenging environment, but our focus must now turn to H2 and beyond as we strive for further operational improvements and position the Group for growth. I would also like to thank our investors, customers, suppliers and landlords who continue to support the business.

Richard Kleiner - Chair

19 August 2026

*Adjusted EBITDA is a non-GAAP measure and is calculated from the loss after taxation adding back net interest, depreciation, tax charges, share-based payments and non-recurring costs (note 11)

** Adjusted Net Cash is a non-GAAP measure and is a metric used by the Board to review the capital position of the Group after adjusting for non-recurring fluctuations to Net Cash. The metric is presented pre IFRS-16 and as such lease liabilities are not considered an adjustment to net debt.

 

Chief Executive's review

I am pleased to present our results for H1 2026. Against a backdrop of continued macro challenges facing the hospitality sector, our priority has remained delivering operational efficiencies, identifying strategic opportunities in the market and ultimately striving to provide an excellent value for money proposition for our customers.

Total revenue for the Group for the half-year was £15.7m (H1 2025: £16.0m) with Adjusted EBITDA of £0.2m (H1 2025: £0.1m), a fair reflection of the continued efforts on operational controls and cost discipline across the Group. Revenue softened modestly against the prior year, as we continued to focus on striking the right balance between average guest spend and strengthening our value proposition. The Board and management team are aligned that delivering exceptional experiences for our guests, alongside genuine value for money, is central to sustainable growth and will remain a key focus for the remainder of this year and beyond.

The IFRS loss after tax was £0.2m (H1 2025: £0.1m loss), which reflects the non-repeat of a one-off gain on lease termination recognised in H1 2025. The Group's adjusted net cash balance at the half-year was £1.6m (H1 2025: £2.3m) with preservation of cash and building reserves a continued focus through 2026.

A summary of the financial performance for the half year is shown in the table below:

	Post IFRS 16	Pre IFRS 16	Post IFRS 16	Pre IFRS 16	Post IFRS 16	Pre IFRS 16
	28 June 2026	28 June 2026	29 June 2025	29 June 2025	28 December 2025	28 December 2025
	£'000	£'000	£'000	£'000	£'000	£'000
Revenue	15,663	15,663	15,985	15,985	32,998	32,988
Adjusted EBITDA:
Loss after tax	(185)	(438)	(84)	(826)	(1,373)	(856)
Add back:
Net finance costs / (income)	466	(6)	484	(55)	1,048	(18)
Taxation (credit) / expense	(41)	(41)	15	15	(217)	(217)
Depreciation & amortisation	1,798	631	1,938	662	3,888	1,344
Impairment of assets	-	-	-	-	1,857	600
EBITDA	2,038	146	2,353	(204)	5,203	853
Share-based payments (credit) / expense	(16)	(16)	12	12	16	16
Gain on lease termination	-	-	(814)	-	(814)	-
Exceptional legal & professional fees	36	36	58	58	147	147
Restaurant opening costs	4	4	-	-	-	-
Restaurant closing costs*	-	-	215	215	35	35
Loss on disposal of fixed assets	-	-	-	-	1	1
Adjusted EBITDA	2,062	170	1,824	81	4,588	1,052

*As at 29 December 2024, a provision for restructuring was recognised relating to the closure of the Kenza site. Following the completion of the lease make-good and exit from the site in July 2025, the surplus provision was released to offset accumulated closing costs, resulting in full year closing costs less than those previously reported in the interim results as at 29 June 2025.

Franchising

Franchising is a core part of the Group's growth strategy. Our existing franchise estate has remained resilient despite the ongoing situation in the Middle East, which led to the temporary closure of our three franchise sites in the region. Whilst trading has recommenced, performance has not yet fully recovered to the levels before the unrest. We are pleased to announce the opening of an additional franchise site in Roma Termini station in July 2026. A further agreement to open in Algeria, a new territory for the Group, was signed in August 2026.

Current and future outlook

Operationally, performance across the core Comptoir estate varied, although several sites delivered encouraging like‑for‑like growth. Our QSR concept, Shawa, continues to delivery strong profitability for the Group, and we remain focused on expanding the QSR offering through new site openings later in the year and beyond 2026. We continue to take a disciplined approach to identifying sites that align with our brand, offering and style, ensuring that each new opening is well positioned for success from day one.

Prudent capital management will remain a key priority for the remainder of 2026 and beyond, helping to protect the Group's cash position while maintaining the capacity to invest in future growth. Adjusted Net Cash has reduced from June 2025, in part due to restructuring costs and the settlement of certain historic liabilities which had previously been accrued. The Group's remaining external debt facility now stands at £0.1m and remains on track for full repayment by September 2026, as previously guided.

	28 June 2026	29 June 2025	28 December 2025
Cash & Cash Equivalents	£3.1m	£4.3m	£3.9m
Adjusted for:
Borrowings	£(0.1m)	£(0.7m)	£(0.5m)
Working capital movement at period end date	£(1.0m)	£(0.9m)	£(1.1m)
Cash held in reserve against known liabilities*	£(0.4m)	£(0.4m)	£(0.4m)
Adjusted Net Cash	£1.6m	£2.3m	£1.9m

Trading conditions through H1 2026 have, as expected, been challenging. Sector and wider macroeconomic pressures are likely to continue to weigh on the industry. Against this backdrop, the operational improvements made, combined with our continued focus on delivering a compelling value proposition, provide a strong foundation for sustainable performance despite the external pressures.

Finally, I would like to thank all employees for their contributions so far in 2026. The strength of our teams allows us to deliver quality across both food and service, and there remains plenty of opportunity to build on the foundations for the rest of 2026 and beyond.

Chaker Hanna

Chief Executive Officer

19 August 2026

*The Group holds certain cash in reserve against known liabilities expected to be settled in the ordinary course of business. These funds are held in a separate bank account and the liabilities tracked separately from accruals & other payables. As such, Net Cash is adjusted to reflect the cash held in reserve to settle these known obligations.

Consolidated statement of comprehensive income

For the half-year ended 28 June 2026

	Notes	Half-year ended 28 June 2026	Half-year ended 29 June 2025	Period ended 28 December 2025
		£'000	£'000	£'000
Revenue		15,663	15,985	32,998
Cost of sales		(2,853)	(2,838)	(5,939)
Gross profit		12,810	13,147	27,059
Distribution expenses		(6,836)	(6,967)	(14,216)
Administrative expenses		(5,734)	(5,765)	(14,199)
Other income		-	-	814
Operating profit / (loss)	3	240	415	(542)
Finance costs		(487)	(540)	(1,132)
Finance income		21	56	84
Loss before tax		(226)	(69)	(1,590)
Taxation credit / (expense)		41	(15)	217
Loss for the year		(185)	(84)	(1,373)
Other comprehensive income		-	-	-
Total comprehensive loss for the year		(185)	(84)	(1,373)
Basic loss per share (pence)	6	(0.15)	(0.07)	(1.12)
Diluted loss per share (pence)	6	(0.15)	(0.07)	(1.12)

All the above results are derived from continuing operations.

Consolidated balance sheet

At 28 June 2026

	Notes	28 June 2026	29 June 2025	28 December 2025
		£'000	£'000	£'000
Non-current assets
Intangible assets	7	22	7	15
Property, plant and equipment	8	6,661	8,054	6,983
Right-of-use assets	8	12,018	15,430	13,217
		18,701	23,491	20,215
Current asset
Inventories		327	342	402
Trade and other receivables		1,969	1,911	1,173
Cash and cash equivalents		3,117	4,340	3,909
		5,413	6,593	5,484
Total assets		24,114	30,084	25,699
Current liabilities
Borrowings		(150)	(600)	(450)
Trade and other payables		(5,931)	(6,880)	(5,473)
Lease liabilities		(2,877)	(2,955)	(2,980)
		(8,958)	(10,435)	(8,903)
Non-current liabilities
Borrowings		-	(100)	-
Provisions for liabilities		(496)	(577)	(466)
Lease liabilities		(14,588)	(17,141)	(16,016)
Deferred tax liability		(97)	(370)	(138)
		(15,181)	(18,188)	(16,620)
Total liabilities		(24,139)	(28,623)	(25,523)
Net (liabilities) / assets		(25)	1,461	176
Equity
Share capital	9	1,227	1,227	1,227
Share premium		10,050	10,050	10,050
Other reserves		145	157	161
Retained losses		(11,447)	(9,973)	(11,262)
Total equity		(25)	1,461	176

Consolidated statement of changes in equity

For the half-year ended 28 June 2026

	Notes	Share capital	Share premium	Other reserves	Retained losses	Total equity
		£'000	£'000	£'000	£'000	£'000
At 29 December 2025		1,227	10,050	161	(11,262)	176
Total comprehensive income
Loss for the period	3	-	-	-	(185)	(185)
Transactions with owners
Share-based payments	5	-	-	(16)	-	(16)
At 28 June 2026		1,227	10,050	145	(11,447)	(25)
At 30 December 2024		1,227	10,050	145	(9,889)	1,533
Total comprehensive loss
Loss for the period	3	-	-	-	(84)	(84)
Transactions with owners
Share-based payments	5	-	-	12	-	12
At 29 June 2025		1,227	10,050	157	(9,973)	1,461
At 30 December 2024		1,227	10,050	145	(9,889)	1,533
Total comprehensive income
Loss for the period	3	-	-	-	(1,373)	(1,373)
Transactions with owners
Share-based payments	5	-	-	16	-	16
At 28 December 2025		1,227	10,050	161	(11,262)	176

Consolidated statement of cash flows

For the half-year ended 28 June 2026

	Notes	Half-year ended 28 June 2026	Half-year ended 29 June 2025	Period ended 28 December 2025
		£'000	£'000	£'000
Operating activities
Cash inflow from operations	10	1,788	918	2,895
Interest paid		(15)	(40)	(66)
Interest received		21	56	84
Net cash from operating activities		1,794	934	2,913
Investing activities
Purchase of property, plant & equipment	8	(252)	(259)	(385)
Purchase of intangible assets	7	(8)	-	(16)
Net cash used in investing activities		(260)	(259)	(401)
Financing activities
Payment of lease liabilities		(2,026)	(2,006)	(4,024)
Bank loan repayments		(300)	(300)	(550)
Net cash used in financing activities		(2,326)	(2,306)	(4,574)
Decrease in cash and cash equivalents		(792)	(1,631)	(2,062)
Cash and cash equivalents at beginning of period		3,909	5,971	5,971
Cash and cash equivalents at end of period		3,117	4,340	3,909

Notes to the financial information

For the half-year ended 28 June 2026

1.      Basis of preparation

The consolidated financial information for the half-year ended 28 June 2026, has been prepared in accordance with the accounting policies the Group applied in the Company's latest annual audited financial statements for the period ended 28 December 2025. These accounting policies are based on the UK-adopted International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretation Committee ("IFRIC") interpretations. The consolidated financial information for the half-year ended 28 June 2026 has been prepared in accordance with IAS 34: 'Interim Financial Reporting', as adopted by the UK, and under the historical cost convention.

The financial information relating to the half-year ended 28 June 2026 is unaudited and does not constitute statutory financial statements as defined in section 434 of the Companies Act 2006. The comparative figures for the period ended 28 December 2025 have been extracted from the consolidated financial statements, on which the auditors gave an unqualified audit opinion and did not include a statement under section 498 (2) or (3) of the Companies Act 2006. The annual report and accounts for the period ended 28 December 2025 has been filed with the Registrar of Companies.

The Group's financial risk management objectives and policies are consistent with those disclosed in the period ended 28 December 2025 annual report and accounts.

The half-yearly report was approved by the board of directors on 19 August 2026. The half-yearly report is available on the Comptoir Libanais website, www.comptoirlibanais.com, and at Comptoir Group's registered office, 6th Floor, Winchester House, 259-269 Old Marylebone Road, London, NW1 5RA.

2.      Changes in accounting policies

The accounting policies adopted in the preparation of the consolidated financial information for the half-year ended 28 June 2026 are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the period ended 28 December 2025.

At the date of authorisation of the half-yearly report, the following amendments to Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after 1 January 2026. These amendments have not had any material impact on the amounts reported for the current and prior years.

Standard or Interpretation                                                                                                               Effective Date

Amendments to IFRS 9 and IFRS 7: Classification and Measurement of                                    1 January 2026

Financial Instruments and Contracts Referencing Nature-dependent Electricity

New and revised Standards and Interpretations in issue but not yet effective

At the date of authorisation of these financial statements, the Group has not early adopted the following amendments to Standards and Interpretations that have been issued but are not yet effective:

Standard or Interpretation                                                                                                               Effective Date

IFRS 18 - Presentation and Disclosure in Financial Statements                                                  1 January 2027

IFRS 19 - Subsidiaries without Public Accountability: Disclosures                                             1 January 2027

IFRS 18 Presentation and Disclosure in Financial Statements, is not expected to have any impact on the recognition and measurement of items in the financial statements. However, it is expected to have an effect on the presentation and disclosures within the financial statements. Aside from IFRS 18, as noted above, the other standards are not expected to have a material impact on the financial statements of the Group or the Company in the year they become effective.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates may differ from the related actual results.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the process of applying the Group's accounting policies, management has made a number of judgments and estimations of which the following are the most significant. The estimates and assumptions that have a risk of causing material adjustment to the carrying amounts of assets and liabilities within the future financial years are as follows:

Depreciation, useful lives and residual values of property, plant & equipment

The Directors estimate the useful lives and residual values of property, plant & equipment in order to calculate the depreciation charges. Changes in these estimates could result in changes being required to the annual depreciation charges in the statement of comprehensive incomes and the carrying values of the property, plant & equipment in the balance sheet.

Impairment of assets

The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.

Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value of money and the risks specific to the asset. Impairment losses of continuing operations are recognised in the profit or loss in those expense categories consistent with the function of the impaired asset. Please refer to note 8 for further details on impairments.

An impairment loss is reversed if, and only if, there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation or amortisation, had no impairment loss been recognised in prior periods.

Leases

At the commencement date of property leases the lease liability is calculated by discounting the lease payments. The discount rate used should be the interest rate implicit in the lease. However, if that rate cannot be readily determined, which is generally the case for property leases, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

The discount rate originally applied to the Group's leases under the portfolio approach was 4%. Where there have been modifications to leases since the first application of IFRS 16 the discount rate has been updated in line with the incremental cost of borrowing and ranges between 2.6% to 7.75%.

Deferred tax assets

Historically, deferred tax assets had been recognised in respect of the total unutilised tax losses within the Group. A condition of recognising this amount depended on the extent that it was probable that future taxable profits will be available. 

Dilapidations

Provisions for leasehold property dilapidation repairs are recognised when the Group has a present obligation to carry out dilapidation work on the leasehold premises before the property is vacated. The amount recognised as a provision is the best estimate of the costs required to carry out the dilapidations work and is spread over the expected term of the tenancy.

3.    Group operating profit / (loss)

	Half-year ended 28 June 2026	Half-year ended 29 June 2025	Period ended 28 December 2025
This is stated after (crediting)/charging:	£'000	£'000	£'000
Variable lease charges	191	170	500
Share-based payments (credit) / expense (note 5)	(16)	12	16
Gain on lease termination	-	(814)	(814)
Depreciation of property, plant and equipment (note 8)	574	636	1,239
Depreciation of right-of-use assets (note 8)	1,223	1,302	2,649
Amortisation of intangibles (note 7)	1	-	1
Exceptional legal and professional fees	36	58	147
Impairment of assets	-	-	1,857
Pre-opening and closing site costs	4	215	35
Loss on disposal of fixed assets	-	-	1

For the initial trading period following opening of a new restaurant, the performance of that restaurant will be lower than that achieved by other, similar, mature restaurants. The difference in this performance, which is calculated by reference to gross profit margins amongst other key metrics, is quantified and included within opening costs.

4.      Operating segments

The Group has only one operating segment: the operation of restaurants with Lebanese and Middle Eastern offering and one material geographical segment (the United Kingdom). The Group has franchise operations across Europe & the Middle East however these do not constitute a separate Operating Segment in accordance with IFRS 8 "Operating Segments". The Group's brands meet the aggregation criteria set out in paragraph 22 of IFRS 8 "Operating Segments" and as such the Group reports the business as one reportable segment. None of the Group's customers individually contribute over 10% of the total revenue.

5.      Share options and share-based payment charge

On 4 July 2018, the Group established a Company Share Option Plan ("CSOP") under which 4,890,000 share options were granted to key employees. The exercise price of all options is £0.1025 and the term to expiration is 3 years from the date of grant. All options have the same vesting conditions attached to them.

On 21 May 2021 under the existing CSOP, 3,245,000 share options were granted to key employees. The exercise price of all options is £0.0723 and the term to expiration is 3 years from the date of grant. All options have the same vesting conditions attached to them.

On 17 April 2023 under the existing CSOP, 2,900,000 share options were granted to key employees. The exercise price of all options is £0.0557 and the term to expiration is 3 years from the date of grant. All options have the same vesting conditions attached to them.

On 12 November 2024 under the existing CSOP, 6,250,000 share options were granted to key employees. The exercise price of all options is £0.0415 and the term to expiration is 3 years from the date of grant. All options have the same vesting conditions attached to them.

The total share-based payment credit for the period was £16k (H1 2025: £12k charge, 28 December 2025: £16k charge).

6.    Loss per share

The Company had 122,666,667 ordinary shares of £0.01 each in issue at 28 June 2026. The basic and diluted loss per share figures, are based on the weighted average number of shares in issue during the relevant period. The basic and diluted loss per share figures are set out below.

	Half-year ended 28 June 2026	Half-year ended 29 June 2025	Period ended 28 December 2025
	£'000	£'000	£'000
Loss attributable to shareholders	(185)	(84)	(1,373)
Weighted average number of shares	Number	Number	Number
For basic loss per share	122,667	122,667	122,667
Adjustment for options outstanding	328	-	-
For diluted loss per share	122,995	122,667	122,667
Loss per share:	Pence per share	Pence per share	Pence per share
Basic (pence)
From loss for the year	(0.15)	(0.07)	(1.12)
Diluted (pence)
From loss for the year	(0.15)	(0.07)	(1.12)

The basic and diluted loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of shares and 'in the money' share options in issue. Share options are classified as 'in the money' if their exercise price is lower than the average share price for the period.

As required by 'IAS 33: Earnings per share', this calculation assumes that the proceeds receivable from the exercise of 'in the money' options would be used to purchase shares in the open market in order to reduce the number of new shares that would need to be issued. Any shares options that were not 'in the money' as at the half-year ended 28 June 2026 would be considered antidilutive and no adjustment would be made in respect of such share options.

7.    Intangible assets

	Goodwill	Trademarks	Total
Cost	£'000	£'000	£'000
At 29 December 2025	90	16	106
Additions	-	8	8
At 28 June 2026	90	24	114
Accumulated amortisation and impairment
At 29 December 2025	(90)	(1)	(91)
Amortised during the year	-	(1)	(1)
At 28 June 2026	(90)	(2)	(92)
Net Book Value as at 28 June 2026	-	22	22
Net Book Value as at 28 December 2025	-	15	15

8.      Property, plant and equipment

	Right-of use assets	Leasehold land and buildings	Plant and machinery	Fixture, fittings & equipment	Motor vehicles	Total
Cost	£'000	£'000	£'000	£'000	£'000	£'000
At 29 December 2025	32,986	10,944	5,411	4,781	38	54,160
Additions	-	58	135	59	-	252
Remeasurement	24	-	-	-	-	24
At 28 June 2026	33,010	11,002	5,546	4,840	38	54,436
Accumulated depreciation and impairment
At 29 December 2025	(19,769)	(7,626)	(3,991)	(2,549)	(25)	(33,960)
Depreciation during the year	(1,223)	(341)	(117)	(115)	(1)	(1,797)
At 28 June 2026	(20,992)	(7,967)	(4,108)	(2,664)	(26)	(35,757)
Net book value
At 28 June 2026	12,018	3,035	1,438	2,176	12	18,679
At 28 December 2025	13,217	3,318	1,420	2,232	13	20,200

At each reporting date the Group considers any indication of impairment to the carrying value of its property, plant and equipment. The assessment is based on expected future cash flows and value-in-use calculations are performed annually and at each reporting date and is carried out on each restaurant as these are separate 'cash generating units' (CGU). Value-in-use was calculated as the net present value of the projected risk-adjusted post-tax cash flows plus a terminal value of the CGU. A pre-tax discount rate was applied to calculate the net present value of pre-tax cash flows. The discount rate was calculated using a market participant weighted average cost of capital. A single rate has been used for all sites as management believe the risks to be the same for all sites.

For CGU's where indicators of impairment exist, the recoverable amount of each CGU has been calculated with reference to its value-in-use. The key assumptions of this calculation are shown below:

Sales growth                                         2%-6% depending on the restaurants forecasted growth & remaining term

Discount rate                                        9.2%

Number of years projected               Four years followed by a terminal value based on the remaining lease term

Terminal growth rate                          1.0-1.5%

The value-in-use figure has been calculated using the expected annual cashflows of the Group from the latest forecasts at the time of review. In producing the forecasts, the Directors have considered the impact of current inflation levels, rising wage costs as well as the potential risk of recession.

The growth rate is based on a combination of industry average growth rates, actual results achieved historically and the current economic conditions. Sensitivity analysis was performed on the forecasted cashflows as well as the growth rate and only a significant reduction in cashflows would result in a material impairment charge. Therefore, based on the impairment review and sensitivity analysis carried out, an impairment charge of £nil (H1 2025: £nil, 28 December 2025: £1,857,443) was recorded for the period.

9.    Share capital

Authorised, issued and fully paid	Number of shares
	28 June 2026	29 June 2025	28 December 2025
Brought forward	122,666,667	122,666,667	122,666,667
	122,666,667	122,666,667	122,666,667
	Nominal value
	28 June 2026	29 June 2025	28 December 2025
	£'000	£'000	£'000
Brought forward	1,227	1,227	1,227
	1,227	1,227	1,227

10.   Cash flow from operations

Reconciliation of profit/(loss) to cash generated from operations:

	Half-year ended 28 June 2026	Half-year ended 29 June 2025	Period ended 28 December 2025
	£'000	£'000	£'000
Operating profit / (loss) for the period	240	415	(542)
Depreciation & amortisation	1,798	1,938	3,888
Share-based payment (credit) / charge	(16)	12	16
Loss on disposal of fixed assets	-	-	1
Gain on lease termination	-	(814)	(814)
Impairment of assets	-	-	1,857
Movements in working capital
Decrease in inventories	75	176	116
(Increase) / Decrease in trade and other receivables	(796)	(544)	194
Increase / (Decrease) in payables and provisions	487	(265)	(1,821)
Cash generated from operations	1,788	918	2,895

11.   Adjusted EBITDA

Adjusted EBITDA was calculated from the loss after taxation adding back interest, depreciation, tax charges, share-based payments and non-recurring/non-cash costs incurred in relation to restaurant sites, as follows:

	Half-year ended 28 June 2026	Half-year ended 29 June 2025	Period ended 28 December 2025
	£'000	£'000	£'000
Loss after tax	(185)	(84)	(1,373)
Add back:
Finance costs	487	540	1,132
Finance income	(21)	(56)	(84)
Taxation (credit) / expense	(41)	15	(217)
Depreciation & amortisation	1,798	1,938	3,888
Impairment of assets	-	-	1,857
EBITDA	2,038	2,353	5,203
Share-based payments (credit) / charge	(16)	12	16
Gain on lease termination	-	(814)	(814)
Exceptional legal and professional fees	36	58	147
Restaurant opening costs	4	-	-
Restaurant closing costs	-	215	35
Loss on disposal of fixed assets	-	-	1
Adjusted EBITDA	2,062	1,824	4,588

12.   Subsequent events

On 24 July 2026 James Fisher, Finance Director and Executive Director, announced his intention to step down as Finance Director. He will remain in his role until 30^th October 2026.

Subsequent to the period end, the Group entered into a binding agreement to open a franchise site in Algeria, run by a Director related entity with our Founder, Ahmed Kitous.

No matter or circumstance has arisen since 28 June 2026 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

 

END