Jamie Oliver Group has reported results for the financial year ended 31 December 2022, with revenue growth of 8.1% to £29.7m, supported by a doubling of production and franchise income.
Profit before tax was £7.7m for the period – up 17.5% from £6.5m in 2021 – while pre-exceptional EBITDA was £9.3m, up 4.4% from £9m the prior year.
2022 was a transition year for the group, with performance rebounding following the pandemic and the appointment of Kevin Styles as CEO in July 2022, according to the update.
Highlights included the growth of the international restaurant franchise business by 13 new restaurants. The estate now comprises 70 restaurants in 22 countries, with seven formats including Jamie’s Italian, Jamie’s Deli, and Jamie Oliver Kitchen.
Jamie Oliver Cookery School increased revenue by 35%, while Jamie Oliver food products sold 16 million units in 26 countries.
Other highlights include the continuation of the long-term partnership with Tesco, the publication of Jamie Oliver’s ONE in September – with book sales of £2m to date – and the production and launch of the eight-part series Jamie’s One Pan Wonders.
“Cash flow remains positive, and the group is well capitalised”, according to the update.
Earlier this month, the chef revealed the concept for his upcoming Covent Garden restaurant, which will showcase British produce with ‘considered yet accessible’ dishes.
Jamie Oliver Catherine Street will open in November, as the group looks to expand to 200 restaurants worldwide by 2027.
Kevin Styles, CEO, said: “The Jamie Oliver brand continues to resonate with audiences around the world. The results for 2022 show we have the foundations in place from which to continue to evolve our business, putting our customers first, serving their mealtime needs across a range of relevant media & product solutions as well as restaurant & cooking experiences.
“Our five-year strategy is focused on creating a global, B Corp certified, integrated food business. We plan to bring together all aspects of our group, including media, restaurants, products and the Ministry of Food, with a strong digital transformation plan.
“Our goal is to maximise our brand’s commercial and social impact. With a more connected and detail-oriented approach, we plan to enter new markets and activate and scale global propositions and partnerships with local insight.
“I am thrilled to be working with the best team in the business. Our team has a combination of rich legacy experience and fresh perspectives across the key categories and specialisms of the business. We have already achieved joint success, and I look forward to even more progress in the future.”
