Various Eateries revenues rise 9% to £49.5m in FY24

Hospitality group Various Eateries has reported a revenue uplift of 9% to £49.5m in the year ended 29 September 2024, which was largely driven by new site openings. 

During the year, Various Eateries also managed to hit adjusted EBITDA profits of £0.3m – up from a loss of £2.2m a year before – due to “a solid trading performance and significant operational improvements”. 

Meanwhile, total losses before tax narrowed from £6.7m in 2023 to £3.4m to September 2024. 

In the first half, the group successfully fundraised £10.1m to support its rollout plans and working capital. 

Key operational initiatives were completed, including supply chain streamlining, supplier agreement renegotiations, and resource management enhancements. 

Among the new openings of 2024 were Coppa Club in Cardiff and Noci in Richmond.  

Portfolio adaptations were also made to enhance year-round usability regardless of weather conditions.

Glyn Barker, non-executive chairman of Various Eateries, said: “This year was one of steady progress and strengthening our foundations for future growth. A great deal of hard work has taken place behind the scenes to fine tune our operations and enhance our estate, all while taking steps to navigate industry challenges.

“The sector has experienced a tough few years, but we are encouraged by early signs of stabilisation. The measures outlined in the autumn budget create new challenges for businesses, but our disciplined approach to cost management and the operational efficiencies we’ve achieved ensure we are well-placed to manage them.”

He added: “Looking ahead, supported by a robust cash position and a strengthened leadership team, we will maintain our commitment to quality and innovation and are confident in our ability to deliver sustainable growth in the new financial year and beyond.”

Post year-end, Various Eateries has had a solid start to FY25 including a strong festive period which “reinforces confidence” in the group’s trajectory.