Ottolenghi has reported financial results for the year ended 31 March 2023 (FY23), with turnover of £27.8m, up from £21.1m in FY22.
Turnover growth was attributed to strong trading across existing sites, including Nopi and Rovi in London’s West End, and the full year effect of FY22 openings in Marylebone and Chelsea.
Profit before tax was £769,671, down from £5.9m the prior year, while EBITDA dropped from £2.9m to £2.8m due to cost increases.
During the year, the group finalised a £2m revolving credit facility with HSBC, which remains undrawn, reducing its interest rate costs going into FY24.
It added roles to support and deliver its growth plans, appointing Emilio Foa as CEO in April 2022.
In an interview with The Telegraph, Foa said the group has been forced to cut opening hours in restaurants due to a shortage of chefs.
