Mission Mars revenues rise ‘record’ 30.7% to £92.9m in FY24

Mission Mars, the operator of F&B brands Albert’s Schloss and Rudy’s Napoletana, has hit “record” revenues of £92.9m for the year ended 29 September 2024, spelling a 30.7% jump from the £71.1m reported in FY23.

It comes as Rudy’s Napoletana experienced a 58.4% uplift in revenues to £46.4m for the period, while Albert’s Schloss bars recorded a 13.9% rise in revenues to £46.7m.

The group reported continued positive like-for-like core revenue growth of 8%, though this marks a slowdown from the 13.2% recorded in FY23.

Rudy’s led with a strong 13.5% increase, down from 24% the previous year, while Albert’s Schloss grew 2.9%, compared to 6.7% in FY23. The figures reflect ongoing organic growth across the business, albeit at a more moderate pace than last year.

Meanwhile, Mission Mars’ group site EBITDA like-for-like growth rose by 4.9% to £13m.

During the year, the group had 10 additional location openings: one Albert’s Schloss bar and nine Rudy’s Napoletana restaurants.

Roy Ellis, chief executive of Mission Mars, said: “To help mitigate the various headwinds faced by our sector, we have worked on a variety of efficiency measures. The success of these has allowed us to continue to pay our teams the real living wage as a minimum, and maintain a competitive and attractive price point for our guests.

“We have worked closely with our suppliers to ensure our product quality is maintained whilst also sourcing new and innovative products. Our strong relationships coupled with improved systems has helped to contribute to improved gross margins, up 0.6% on prior year.”

He added: “I have been pleased to see the Albert’s Schloss brand continuing to grow both revenue and EBITDA on a LFL basis whilst maintaining our high levels of guest NPS. The success of existing venues and the new opening further bolsters our belief that the Albert’s Schloss brand has exciting growth prospects not only in the UK, but internationally as well.”