Bow Street Group (BOW) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was £15.1m, down 21% year-over-year, reflecting estate restructuring and challenging trading conditions.

• Adjusted EBITDA fell to £1.2m from £1.9m in H1 2024; operating loss before highlighted items was £0.2m versus a £0.6m profit last year.

• Statutory loss after tax was £7.5m, compared to a £13.4m profit in H1 2024, mainly due to a £7.0m impairment charge.

• The Group completed a major restructuring, closed five restaurants, and now operates 32 sites.

• Post-period, £10.1m was raised, new leadership appointed, and a new growth strategy launched.

Financial highlights

• Revenue: £15.1m (H1 2024: £19.1m), a 21% decrease.

• Adjusted EBITDA: £1.2m (H1 2024: £1.9m).

• Operating loss before highlighted items: £0.2m (H1 2024: profit £0.6m).

• Net cash at period end: £2.4m (H1 2024: £2.2m).

• Statutory loss after tax: £7.5m (H1 2024: profit £13.4m).

• Basic EPS: (3.79)p (H1 2024: 9.15p).

Outlook and guidance

• Revised growth strategy underway, focused on refurbishing existing estate and acquiring new brands.

• Net cash position post-fundraising is approximately £11.3m, supporting long-term growth.

• Management expects improved trading in H2, building on positive summer performance.