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The Alchemist reports double-digit turnover growth

Published:  09 August, 2019

The Alchemist has reported a 17.3% leap in turnover to £41m in the year to 31 March 2019, up from £34.5m in 2018.

Operating profit at the bar and restaurant chain was up to £1,7m from £1,6m the year before, while pre-tax losses reduced to £205,372, compared with £298,984 in 2018, according to accounts filed at Companies House.

“It has been another successful year of growth. Our strategy of expansion in London alongside further regional city openings has continued, with new venues opening in London's Theatre District and Old Street (May 2019), alongside the first Welsh Alchemist in Cardiff,” the business said.

Moving into next year, The Alchemist had secured venues in Birmingham, at Gunwharf Quays in Portsmouth, and two London sites, at Canary Wharf and Embassy Gardens, it added.

“Sales have grown 19% year-on-year, gross profit has been maintained, and operating cash conversion remains strong at 111%. With financing already in place for the next venue openings and beyond, the business is in a strong financial position.”

The company also said it had been approached by “several landlords keen to partner with us as we build our pipeline of new venues for 2020 and onwards”.

In the year ahead, it said the business would continue to “invest in our infrastructure, with the continued roll-out of energy-saving technology to reduce our impact on the environment, and a programme of investment into our digital customer journey”.

In June, the company said it expected to hit sales of £50m at the end of its financial year (31 March 2020) and planned to invest in further expansion in the UK and abroad.