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Good Spirits Hospitality Limited reports its unaudited results for the year ended 30 June 2022, which was another challenging year due to the ongoing effects of COVID.
Despite this, the Group reported a Net Loss After Tax of $6.6m, driven by one-off unusual items including due diligence costs of $1.5m related to the failed Nourish Group acquisition, non-cash Goodwill impairments of $0.6m, and a non-cash right-of-use asset impairment of $0.5m.
Trading in FY23 has started ahead of expectations, with the easing of COVID restrictions and the progressive reopening of international borders and return of major events to Auckland expected to result in a significantly improved financial result.
GSH is budgeting a return to average pre-COVID venue trading levels and has acquired and launched The Fox – a London Pub in the Viaduct, and post financial year end has acquired another venue (The Velvet Bar) in the same Viaduct precinct.
The Group is currently negotiating with its lender to extend its banking facilities and is undertaking a strategic options review to address the current financial position of the Company.
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