Joe & the Juice UK has reported financial results for the year ended 31 December 2022, with revenue of £45.7m, exceeding £45m for the first time in the group’s history.
This corresponded to 66% growth compared to revenue of £27m in 2021, surpassing management’s expectations of revenue growth above 30%, according to the report.
Loss after tax amounted to £4.5m, down from a profit of £1.5m the prior year.
Management expects an increase in turnover of 20-30% in 2023 compared to 2022.
While Covid-related restrictions at the beginning of the period had an adverse effect on activity levels, the business scaled up rapidly after Q1 2022, demonstrating the “resilience and adaptability” of its operating model.
The company opened 10 new stores in 2022 and had an estate of 65 at period end.
During the year, several mid- and long-term strategic initiatives were implemented, with digital initiatives resulting in rapid growth in digital users and sales.
The company expects further increase in sales through digital channels and has “high expectations” for its digital transformation.
Its near-term growth strategy is centred around profitable and sustainable growth, obtained by building scale within existing markets of focus.
This strategy builds on existing brand awareness and provides scale benefits to operations.
Complementary to opening new stores, Joe & the Juice intends to continue same-store sales growth by building on brand awareness and reinforcing loyalty by driving innovation across its menu and offerings, enhancing convenience and service through digital initiatives, and further cultivating brand awareness.
“The group’s loan agreement has been renewed. Based hereof, it is management’s assessment that the group’s cash positions are sufficient for the entire financial year 2023 to support current operations and strategic growth initiatives in the UK despite the negative equity in the company.”
Earlier this month, the business was acquired by New York-based investment firm General Atlantic, with the investment intended to further accelerate growth across international markets including the US, Middle East and UK, and reduce debt on the company’s balance sheet.
