Hostmore PLC on Wednesday reported lower revenue in the first 22 weeks of 2023 to June 4.
The West Sussex, England-based owner of casual dining brand Fridays said total revenue declined by 1% annually, while like-for-like revenue was down 3%. This shows a slowdown from the first 16 weeks of the year, when total revenue was up 2% and like-for-like revenue was 1% lower.
The company was optimistic, however, noting a decline in commodity spot prices and its decision to delay entering the hedging market.
Meanwhile, Chair Gavin Manson stepped down from his role on Wednesday and was replaced by Non-Executive Director Stephen Welker.
Hostmore shares were 4.1% higher at 22.70 pence each on Wednesday morning in London.
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