Like-for-like sales at Coffeheaven International – the European branded coffee bar operator – have jumped by 16%. Revealing its results for the year ending 31 March 2008, Coffeheaven said it had opened in two markets – Romania and Hungary – and achieved a net sales boost of 63% up to £16.4m. Richard Worthington, executive chairman of the company which has 90 stores, said: “To date we have experienced only a limited and localised effect from the world "credit crunch" on our business. “Sales growth in most of our markets remains robust and coffeeheaven, as central Europe's market leader, continues to improve market share." In a statement the company said it had achieved an EBITDA of £636,738 and made a pre-tax loss of £70,255. Coffeeheaven said that it was doing all it could to maintain margins, “through a combination of selective price increases and better buying.” The statement also said: “The macro economic picture across the group's chosen markets of central Europe remains favourable despite present uncertainties in world markets. “With the exception of the Czech Republic, consumer spending generally remains surprisingly robust and although there is some weakness in the property sector, the rate of new retail development appears solid. “The commercial challenges in central Europe are once again changing. Current new drivers include local currency appreciation against most major world currencies and price inflation. “However for the time being we see the impact of both inflation and regional currency appreciation on our business as being modest and localised, although it is difficult to predict the longer-term impact should the status quo remains unchanged.” The company added it was starting to see an increase in other operators entering its core markets – including international and local franchises. But it said: “Given some uncertainties in the central European property markets that may offer opportunities later in the cycle, we are adopting a very selective approach to new stores that focuses on the site quality rather than the number of stores. In addition we intend to focus on acquisitions.” The company said it has raised £ £3.9, net of expenses, in May 2007 and a further £3.4m, also net of expenses in May 2008, by offering 21 million ordinary shares, representing 16% of the enlarged share capital of approximately 129 million shares. It had a cash fund of £1.3,m at 31 March 2008 and approximately at £2.9m 31 July 2008.