3Sixty Restaurants sees losses fall following focus on expanding Ego brand
3Sixty Restaurants has seen a reduction in its pre-tax losses after selling three Rocket restaurants last year to focus on its expanding Ego brand.
The company, which has focused on its core Ego brand of Mediterranean pubs and restaurants, posted sales of £19.5m in the 12 months to 25 March 2018 to Companies House. The figure marks an increase on the £18.8m turnover seen in the previous year.
EBITDA also increased to £1m, up from £955,908 for continued operations the previous year, which was offset by -£13,821 from operations discontinued in that year.
Despite the increased figures pre-tax losses were declared at £67,576 – compared to a £1.9m pre-tax loss the previous year.
The company opened one new Ego brand pub over the year. Five more were opened the previous period, with the most recent results capturing their first full year of trading.
The strategic report from group financial director Julie Leigh stated: “With a strong balance sheet and a clear focus on opening more Ego sites, we are in a very strong position going forward and remain cautiously optimistic about the future.”
The report considered potential future damage to the economy and labour shortages, both of which could be caused by Brexit, as areas of risk for the years ahead.
Leigh added: “The outlook for the forthcoming period is very positive as the new sites improve their performance and contribute significant EBITDA. We are actively seeking new pub opportunities for expansion.”
Article Credit: The Caterer