Good Spirits Hospitality Limited

Overview

Good Spirits Hospitality is an NZX Main Board-listed investment company focusing in the Hospitality sector. The company acquired The Better Bar Company group business in November 2014.

Performance

The following information was extracted from Good Spirits Hospitality Limited's half year results, released on 29 February 2024:

Half-Year Result Summary

• The Group reported a Net Profit After Tax of $2.2m (compared to a loss of $0.15m in the prior comparative period). The net gain on disposal of $4.2m notably contributed to the reported profit
• Reported venue operating EBITDA was for a four-month period (compared to a six-month operating performance in the prior comparative period)
• Total venue EBITDA (before unusual items, other items and corporate costs) decreased to $1.5m (compared to $3.8m in the prior comparative period)
• Cash receipts from customers decreased 41% to $9.2m compared to the prior comparative period

GSH advises that wholly owned subsidiary, Good Spirits Hospitality No. 1 Limited (GSH No.1) remains in technical default of the terms of the Facility Agreement (Loan). GSH no longer guarantees the obligations of GSH No. 1 under the Facility Agreement.