Bow Street Group (BOW) H2 2025 earnings summary

Executive summary

• Launched a new growth strategy in September 2025, raising £10.1m to invest in existing restaurants, technology, operations, and acquisitions.

• Appointed new Executive Chairman and CFO with extensive industry experience.

• Trading stabilized post-September 2025, with strong Christmas performance and record trading at some sites.

• Active portfolio management led to closure of underperforming sites and focus on operational improvements.

Financial highlights

• Revenue fell 14.5% to £31.3m (2024: £36.6m), mainly due to estate restructuring and fewer restaurants.

• Adjusted EBITDA dropped to £2.1m (2024: £3.6m); operating loss before highlighted items was £0.5m (2024: profit £0.4m).

• Loss after tax of £9.3m (2024: profit £16.0m), including a £7.3m impairment charge.

• Net cash at year-end (excluding lease liabilities) was £11.1m (2024: £3.3m).

• Adjusted loss after tax was £1.7m (2024: £0.9m).

Outlook and guidance

• Like-for-like sales up 6.1% in March 2026; refurbished sites saw 18.3% growth.

• Continued investment in estate and operational initiatives expected to drive further improvements.

• Active discussions underway for acquisitions, with two advanced projects focused on Asian cuisine.

• Consumer environment remains challenging, but management confident in transformation and growth for 2026.