Fridays owner Hostmore is reaping higher revenue following the demerger from Electra Private Equity last November when it debuted on the LSE. The reported revenue is 159 million pounds. The revenue was 129.1 million pounds a year ago as the company suffered from the COVID-19 pandemic and lockdown restrictions.
The hospitality operator witnessed revenue enhancement from May 2021 with the easing of lockdown restrictions and it jumped about 4 percent by the year-end despite the impact of fresh Covid variant Omicron that further led to mask-wearing and work-from-home.
For the 52 weeks that ended on 27 December 2020, the company reported a loss of 17.3 million pounds after tax. After a year the loss was just 0.6 million pounds.
CEO Robert B. Cook said Hostmore is well prepared to achieve goals and simultaneously six new sites are being planned. One of the important openings is in Dundee named Firdays and Go is learned to be implemented in the current financial year. Similarly, sites will be opened in Cambridge, Edinburgh, Durham, Barnsley and Chelmsford.
Robert added the company would be facing new challenges as inflation is rising and a crisis in the cost of living is being witnessed among millions of Brits. Hostmore will be hit by macro-economic challenges in 2022 due to the Russian invasion of Ukraine that has led to the shortage in supplies of oil and gas. The operator is well-positioned to grab organic growth opportunities through their existing brands.
Hostmore is a UK-based hospitality operator focused on Fridays dining brand and 63rd+1st restaurant and bar brand. It was founded in 2021, it is known for its vibrant heritage, sector-leading technology and iconic brand experience.
Meanwhile, the Russian invasion of Ukraine has entered into the second month and no peace talks have been worked out even after a couple of meetings between delegates of the two nations. The Western allies have imposed several sanctions on Russia including a ban on the import of oil and gas as well as removing Russian banks from the international SWIFT payment systems.
The assault has continued and key cities of Ukraine have been damaged with tanks and missiles. The fear of bio and nuclear weapons is on the rise amid the enhanced tensions in the region. A good population of Ukraine has been displaced and taken shelter in neighboring countries including Poland.
Meanwhile, a statement of US President Joe Biden to remove the Russian president from office has welcomed controversy and the US government clarified he didn't mean a regime change in the country.