Coffeeheaven, the AIM-listed coffee bar group, has reported a maiden half-year pre-tax profit of £140,000 for the six months to 30 September 2006, compared to a £366,000 loss during the same period the previous year.
Like-for-like sales increased by 28% during the period, on turnover up 61% to £4.41m.
Ebitda was up 555% to £426,000 compared to £65,000 in 2005.
The company, which currently operates 59 stores in central Europe, said trading in the first two months of its second half-year remains strong, with like-for-like sales to date broadly at first half growth rates.
The group said that it expects revenue for the year to 31 March 2007 to be close to £9.8m.
Richard Worthington, executive chairman, said: “These results demonstrate the strong appeal of Coffeeheaven with consumers and that the group’s development strategy is capitalizing on the growing economies of central Europe.
“With a presence in five central European markets and sector leadership in the largest, Coffeeheaven is now firmly established as one of central Europe’s leading brand coffee bar chains.”
The company reported like-for-like sales growth of 28% in Poland, where it operates 39 sites. The company opened nine new outlets in the country during the period. It expects to reach or exceed its target of operating 40 stores in Poland by the end of March next year.
Like-for-like sales through the company’s nine units in the Czech Republic increased by 41%, with three new stores opened in the year to date, taking its total to nine in the country.
The group plans to have 14 sites opened in the Czech Republic by 31 March 2006. It said that although it still planned to meet this target, it was possible that not all the planned new stores would be open by this date. The company has therefore said it expects to have at least two additional unplanned sites in Slovakia open by this date to compensate for any shortfall in total unit numbers.
Like-for-like sales through the group’s eight sites in Latvia increased by 19%, with new stores opening at Riga International Airport during the period.
The company opened its first two stores in Bulgaria during the first half of the year, with operating results from these units in line with expectations.
The group opened its first site in Slovakia in August, which to date is trading in line with expectations. It plans to open a further site before the end of 2006.
It also said it was continuing to monitor opportunities to expand into Ukraine, Romania, Estonia and Hungary.
The company said it expects to meet its target of having 63 sites trading by the end of its current financial year to 31 March 2007.
