TIDMVARE
RNS Number : 9504R
Various Eateries PLC
01 November 2023
VARIOUS EATERIES PLC
("Various Eateries" or "the Company" and with its subsidiaries
"the Group")
Year End Trading Update
Various Eateries PLC, the owner, developer and operator of all
day club, restaurant and hotel sites in the United Kingdom,
announces an update on trading for the 52-week period ending 1
October 2023.
Trading performance for the period was in line with
expectations. Revenues were slightly higher than market
expectations at GBP45.5m (unaudited) (2022: GBP40.7m), largely
driven by new site openings. Site EBITDA (before pre-opening and
IFRS16) is expected to be c.GBP3.8m (unaudited) with Group EBITDA
(before AIM costs of GBP0.6m) expected to be a loss of c.GBP1.6m
(unaudited).
Group like-for-like sales ("LFL"), excluding the benefit of the
reduced rate of VAT in the prior year, were maintained, which is a
good performance considering the challenging macroeconomic
environment, continued train strikes and unseasonably wet weather
in the spring and summer months.
Noci, designed to be a modern Italian pasta concept, is the
result of work evolving Tavolino for the high street, and continues
to perform well. H2 (April to September 2023) LFL sales at the
first Noci site in Islington grew 23%. Noci's second and third
sites opened in Battersea Power Station and Shoreditch, in May and
September 2023 respectively and have both traded in line with
management's expectations to date. With a proven blueprint, the
Board considers Noci to be a very compelling near-term rollout
opportunity and will focus initially on further openings in the
Greater London area.
The Group's townhouse Coppa Clubs in Bath and Guildford,
benefiting from high footfall city centre locations, delivered
positive performances. This bodes well for the Group's townhouse
sites in Cardiff and Farnham, scheduled to open in FY24. The
performance of those Coppa Clubs with large outdoor spaces which
benefitted in the prior year from exceptionally good weather, were
impacted this year by extended periods of unusually wet conditions,
including the wettest July since 2009.
The Group's Tavolino site continued to benefit from the steady
return of office workers in central London, delivering LFL sales
growth of 10%.
Previously announced inflationary pressures persisted throughout
the year but encouragingly some, including food and energy, are
beginning to ease. Reducing operational costs and improving
efficiency remain priorities, along with exploring technological
solutions.
As previously stated, in the Board's experience of navigating
challenging market conditions, a focus on the top line as opposed
to short-term profit maximisation is fundamental to the success of
any roll-out strategy. The Group has therefore continued to
prioritise revenue and customer retention, deliberately not passing
cost increases onto customers in full. The Board firmly believes
this will stand the Group's brands in good stead for sustainable
long-term growth as the market recovers.
Cash at bank at 1 October 2023 was GBP1.9m (2022: GBP9.4m).
Andy Bassadone, Executive Chairman, commented:
"Our teams have worked hard to manage the perfect storm of
challenges the industry has faced over the past 12 months and on
behalf of the Board I would like to thank them for their efforts.
In this context, Group performance has been steady with the
traction Noci is building a particular highlight. While Noci is
still a relatively small part of the Group, we expect it to become
an increasingly core part of our growth strategy going
forwards.
We continue to believe our strategy of focusing on the top line
will leave us in a stronger long-term position than many in our
industry who have compromised their offerings to protect short-term
profits. Encouragingly, there are signs that some of the
well-publicised pressures on margins are beginning to dissipate.
Nonetheless, we continue to prioritise cost control and efficiency
initiatives including leveraging new technology which will benefit
the Group long after we emerge from the downturn.
Looking ahead to FY24, we intend to maintain a measured approach
to opening new sites and, supported by strong and highly relevant
brands, remain confident in our ability to accelerate progress as
conditions improve."
Contacts
Various Eateries Via Alma PR
plc
Andy Bassadone Executive Chairman
Sharon Badelek Chief Financial Officer
WH Ireland Limited Sole Broker and NOMAD Tel: +44 (0)20 7220 1666
Broking
Harry Ansell
Nominated Adviser
Katy Mitchell
Alma Financial PR Tel: +44 (0)20 3405 0205
David Ison variouseateries@almastrategic.co.uk
Rebecca Sanders-Hewett
About Various Eateries
Various Eateries owns, develops and operates restaurant,
clubhouse and hotel sites in the United Kingdom. The Group's stated
mission is "great people delivering unique experiences through
continuous innovation".
The Group is led by a highly experienced senior team including
Hugh Osmond (Founder), Andy Bassadone (Executive Chairman), and
Sharon Badelek (CFO).
The Group operates three core brands across 18 locations:
-- Coppa Club, a multi-use, all day concept that combines
restaurant, terrace, café, lounge, bar and workspaces
-- Tavolino, a restaurant aiming to address a gap in the market
for high-quality Italian food at mid-market prices
-- Noci, a modern, neighbourhood pasta-only concept which serves
very high-quality dishes at reasonable prices
For more information visit www.variouseateries.co.uk
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END
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