Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

TGI Fridays owner Hostmore narrows FY losses

(Sharecast News) - TGI Fridays owner Hostmore said on Friday that it had reduced its annual losses in a "transitional" year.

In the year to the end of December, losses from operations narrowed to £11.1m from £95.8m in 2022. However, revenue declined to £190.7m from £195.7m a year earlier.

The company pointed to macroeconomic uncertainty and "fluctuating" consumer behaviour. It said it was a year of two halves, with the first half being a transitional period focusing on senior leadership changes and full operational turnaround, while the second showed a "significant" profit improvement.

Hostmore said the positive Christmas trading period was a further improvement on this trend, with like-for-like revenue up 4% compared to December 2022.

LFL revenue in the first quarter was down 7%, however, mainly due to reduced consumer demand across the sector.

Chair Stephen Welker said: "2023 was a transitional year for Hostmore during which we successfully implemented a turnaround of the business.

"The turnaround reduced costs, deferred cash outlays for new store openings, and improved the operations of our existing stores, while introducing a revised capital allocation policy to focus on high ROI organic growth initiatives and prioritising the full repayment of our borrowings and initiating shareholder distributions."

Share this article

Related Sharecast Articles

Lexington Gold upbeat on assay results from Jennings-Pioneer project
(Sharecast News) - Explorer and developer Lexington Gold announced positive assay results from its recent drilling programme at the Jennings-Pioneer Project in South Carolina on Monday.
Fulcrum kicks off phased test programme at Sylvanite project
(Sharecast News) - Canada-focussed mineral exploration and development company Fulcrum Metals announced the start of a phased sampling, testing, and study programme at its Sylvanite Gold Tailings project in the Kirkland Lake area of Ontario on Monday.
Mind Gym confident despite swinging to losses
(Sharecast News) - Mind Gym reported on a challenging year in which it swung to losses on Monday, while also outlining a new strategy aimed at medium-term growth and profitability.
NY Empire State manufacturing index contracts again
(Sharecast News) - Manufacturing activity in the state of New York weakened again in June, according to a survey released on Monday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.