Various Eateries has reported it is trading in line with expectations in its interim update, with strong site expansion progress and an adjusted EBITDA (IFRS-16) of £1.7m for the 26-week period ending 3 April.
Half year Group revenue was £17.8m, with a loss after tax of £2.6m (H1 21: loss of £3.2m)
The Coppa Club, Tavolino, and Noci operator announced like-for-like (lfl) sales at Coppa were up 2% for the 11 weeks to 19 June vs 2019. Trading was further supported by recent openings, such as the launch of pasta concept Noci in Islington and Coppa Club Putney.
Outside of London, lfl revenue generated by Coppa sites was up 0.5% vs the same period in 2019.
The growth strategy will be based on sourcing premium venues for the company’s three core brands, with Coppa Club Bath to open this summer following an opening in Haslemere in May, along with several other sites under negotiation.
The company also reported strong trading at Tavolino and other London venues due to rising footfall in the capital. While covid-related plan B measures severely impacted trading during the holiday period, demand steadily recovered as measures were lifted, according to the company.
Hotels also delivered a strong performance, with lfl hotel room revenue up 19% on 2019 in the 11 weeks to 19 June due to a rise in average room rates and occupancy.
CEO Yishay Malkov commented: “Outside of the impact of the ‘Plan B’ measures over the festive period, which affected the entire industry, we are pleased with the performance, with trading remaining resilient despite the challenging macro-economic environment.
“We have been prudent in the careful execution of our strategy; choosing sites for expansion that we are confident will perform well. This has been successful, with new sites Coppa Club Putney and Noci delivering encouraging performances in their first few months.
“Our pipeline of potential new venues is exciting, with clear growth opportunities. The performance of our Group so far is testament to the strength of our brands and our ability to weather external challenges, and this, together with the experience of our central team, underpins our confidence looking forward.”
