Bow Street Group (BOW) H2 2025 earnings summary

Executive summary

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

• Leadership changes included appointing a new Executive Chairman and CFO with extensive industry experience.

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

• Ongoing operational initiatives and targeted investments are driving improved trading and like-for-like sales growth.

Financial highlights

• Revenue decreased 14.5% to £31.3m for the year ended 28 December 2025 (2024: £36.6m), reflecting estate restructuring and challenging market conditions.

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

• Net loss after tax was £9.3m (2024: profit £16.0m), with an adjusted loss after tax of £1.7m (2024: £0.9m).

• Significant impairment charge of £7.3m (2024: £1.9m) on right-of-use assets and property, plant, and equipment.

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

Outlook and guidance

• Like-for-like sales increased by 6.1% in March 2026, with continued improvement into the new financial year.

• Ongoing investment in estate and operational initiatives expected to drive further performance gains.

• The group is actively pursuing acquisitions, with two advanced projects focused on Asian cuisine.

• Management expects consumer spending to remain under pressure due to labor and supply cost increases and geopolitical risks.