Various Eateries H1 sales rise 8.8% to £24.7m

Various Eateries has seen its sales rise by 8.8% to £24.7m in the 26-week period ended 30 March, driven primarily by the contribution of new site openings.

As a result, the restaurant operator is trading in line with expectations for the full year. 

While like-for-like sales for the period were flat year-on-year, this was attributed to the impact of Easter falling later in the year and after the period ended. 

Including the five weeks after 30 March, trading to date – including Easter – like-for-like sales rose by 1.3% compared with the prior year.

In addition, operational performance continued to improve, with site-level EBITDA rising by 81% compared with the prior period. The group’s profitability was also ahead of the year before.  

According to the group, these gains reflect the ongoing focus on “operational improvements and service excellence”.

Mark Loughborough, chief executive of Various Eateries, said: “First-half trading reflects the efforts made across the business to strengthen operations and establish a solid platform for long-term growth. Like-for-like sales for the year to date have been positive, driven by strong performances from proven, all-season venues such as Coppa Club Tower Bridge and Tavolino. Our outlook is further supported by a significant improvement in profitability.

“While the external environment is not without its challenges, the enhancements made to the business have put it on a firm footing. The Group has grown despite minimal price rises, maintaining its strategy of absorbing most price increases and prioritising customer satisfaction over short-term profit. This Group still has many levers to pull and is in a strong position to absorb any external head winds.”

He added: “Looking ahead, we will continue to take a disciplined and measured approach to expansion but do so with steadily growing confidence.”