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Mon 7th Jan 2013 - Breaking News - Kornicis reports Ebitda up 17 per cent
Jamies wine bar operator Kornicis reports strong growth pipeline and Ebitda up 17 per cent: City of London-based operator of Jamies, Smollensky’s and Henry J Bean’s, Kornicis, headed by Nick Tamblyn, has reported a pre-tax profit of £841,647 in the year to 29 September 2012 - the company made a loss of £1,403,653 the year before. Turnover rose to £16,249,610 compared to £15,598,377 the year before. Ebitda rose to £1,074,680 from £921,268 the year before – profit was boosted by an exceptional writeback of £2,494,533 relating to accrued but unpaid preference share dividends. The company stated: “Kornicis has delivered another year of strong growth against a particularly challenging business environment. Sales growth of four per cent was achieved during an abnormal year with the wettest summer in 100 years, Jubilee bank holiday celebrations and the Olympics, all of which had a strongly negative impact on the group. Despite these significant challenges Kornicis still achieved a 17 per cent increase in pre-exceptional Ebitda and is well-positioned for future growth. During the year £6m of preference shares were converted to ordinary shares and the accumulated accrued dividend was waived. The group has now demonstrated four consecutive years of strong Ebitda growth, which has seen Kornicis grow its estate to 22 sites. The group will be continuing its expansion within London and has a strong pipeline of acquisitions.” Kornicis sold a non-core site during the year, achieving a £300,000 profit, which was invested in the business. The company opened Jamies Suffolk Lane and Jamies Alban Gate during the year. It entered a lease obligation after the year-end with an annual rent of £42,500. It has agreed an acquisitions facility with Barclays for new sites and develop existing sites. Kornicis is controlled by the NBGI private equity fund – the company charged its owner £3,346 for parties held at its restaurant and bars during the year, down from £4,712 the year before.
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