Good Spirits Hospitality reports $2.2m profit, plans delisting

Good Spirits Hospitality (GSH) has reported a net profit after tax of $2.2 million for the six-month period ended Dec 31 2023.

This is a significant improvement from the loss of $150,000 in the same period the previous year, due to a net gain on disposal of $4.2m.

However, the company's total venue EBITDA decreased to $1.5m, compared to $3.8m in the prior comparative period, and cash receipts from customers also saw a 41% decrease to $9.2m.

Following the sale of its business assets to Brew On Quay for $20.7m in November 2023, GSH no longer owns any material business assets and intends to delist from the NZX main board.

The company is now in technical default of the terms of the facility agreement.

It will seek a binding ruling from Inland Revenue and satisfy the solvency test before making payment of the proposed dividend and proceeding with the delisting.