Various Eateries revenues surpass expectations in FY23
During the period, Italian pasta concept Noci has continued to “perform well”, with H2 LFL sales at the first site in Islington growing 23%
Various Eateries has announced that revenues for the year ended on 1 October were slightly higher than market expectations at £45.5m, largely driven by new site openings.
Group like-for-like sales were “maintained” despite the challenging macroeconomic environment, train strikes, and unseasonably wet weather during the summer months. Group EBITDA is expected to be a loss of £1.6m.
During the period, Italian pasta concept Noci has continued to “perform well”, with H2 LFL sales at the first site in Islington growing 23%. In May and September 2023, Noci opened two further sites in Battersea Power station and Shoreditch, both trading in line with expectations. The company now plans to roll out more openings in the Greater London area.
The group’s Coppa Clubs in Bath and Guildford benefitted from high footfall city centre locations and delivered positive performances. Two further openings are now scheduled for 2024 in Cardiff and Farnham.
The group’s Tavolino site also performed well with a growth in LFL sales of 10%.
Andy Bassadone, executive chairman, said: “Group performance has been steady with the traction Noci is building a particular highlight. While Noci is still a relatively small part of the Group, we expect it to become an increasingly core part of our growth strategy going forwards.
“We continue to believe our strategy of focusing on the top line will leave us in a stronger long-term position than many in our industry who have compromised their offerings to protect short-term profits. Encouragingly, there are signs that some of the well-publicised pressures on margins are beginning to dissipate. Nonetheless, we continue to prioritise cost control and efficiency initiatives including leveraging new technology which will benefit the Group long after we emerge from the downturn.”
He added: “Looking ahead to FY24, we intend to maintain a measured approach to opening new sites and, supported by strong and highly relevant brands, remain confident in our ability to accelerate progress as conditions improve.”
