In its financial results for the year ended 1 January 2023 the group reports a profit after tax of £387,460, while gross margin has increased from 37% to 38%, despite a rise in labour costs.
Operating profit doubled to £1.2m in 2023, while EBITDA rose from £1.8m to £2.2m.
“The 2022 results were a great indication of the strength of the brand following the turbulent Covid years,” says CEO Dino Sura.
“We began investing in consolidating our supply chain into the business, started our restaurant wide refurbishment programme and kept the focus on our people to now report an average length of service of 2.5 years.”
Burger & Lobster operates nine n restaurants in London as well as a further 11 restaurants across the globe in New York, Singapore, Bangkok, Genting, Kuwait City, Hong Kong and Doha.
It says it is actively looking for new locations outside of London, ‘responding to continuing demand and opportunities in key cities around the UK and Europe’.
During Covid, the group says it started working on the next generation of the brand and in October 2022 started a refurbishment programme at its flagship Soho site, which closed for four weeks. Since then, all its London restaurants have undergone a refurbishment, at a cost of £4.4m.
The groups says it is in a stable and strong financial position coming out of 2022, recording £9.2m of cash in the bank.
“I am extremely grateful for every single person at Burger & Lobster delivering such positive results despite the challenging environment that continued through 2022,” says founder Misha Zelman.
“The future for the business is extremely exciting a looking forward to building on what we have achieved so far.”