On 6 August, Premier Capital plc published its half-year financial statements covering the first six months of 2012. During this period the Premier Group registered a 33.7% increase in revenue to €37.8 million reflecting a full six-month contribution from the Greek outlets as opposed to one month in the six months ended 30 June 2011. Moreover, the operations in the Baltic states and in Malta also reported improvements in revenue.
However, the Group registered an operating loss of €0.85 million (June 2011: operating profit of €0.56 million) reflecting the underperformance of the Greek operation, with an operating loss of €1.8 million, which has been adversely impacted by the VAT increase in Greece from September 2011. The restaurants in Latvia also returned an operating loss of €361,617 reflecting the slow recovery of the Latvian economy. These offset the profitable positions of the operations in Malta, Estonia and Lithuania.
During the period under review, the Group managed to extend the lease on the Valletta restaurant for a period of fifteen years. As such, the Group reversed a €1 million provision accounted for in the second half of 2011.
Net finance costs amounted to €1.3 million, 5.2% higher compared to the comparable figure last year, leading to a pre-tax loss of €1.4 million compared to a pre-tax profit of €3.7 million in the first half of 2011 which included the €4.7 million fair value gain on the acquisition of the Greek operation.
After accounting for a tax charge of €103,629, the Group net loss amounts to €1.5 million (June 2011: net profit of €3.3 million).
The half-year report also noted that the Group opened its eleventh restaurant in Latvia during the period under review and will open another one by the end of the year. Moreover, the Group also sees further potential to expand in the local market. In this respect, Premier Capital plans to open the second drive-thru in Malta together with another store in Sliema. The Group is also moving ahead with its remodelling programme with 3 restaurants in the Baltics, 5 in Greece and 1 store in Malta during the period under review.
Download a copy of the Premier Capital plc June 2012 Half-Year Results