Various Eateries PLC - London-based chain of restaurants, clubhouses and hotels such as Coppa Club - Posts revenue of GBP20.6 million for the six months ended on April 2, up 16% from GBP17.7 million the year before. Says it is "pleased with the revenue performance, particularly given the challenging economic environment, disruptions from train strikes, and an unseasonably wet and dull spring". Pretax loss, however, widens to GBP4.3 million from GBP2.6 million, as operating loss widens to GBP3.2 million from GBP1.7 million the year before. Staff costs increase to GBP1.7 million from GBP1.3 million.
Chair Andy Bassadone says: "A squeeze on margins of this scale is unprecedented in my thirty-five years' experience in the hospitality industry. Even though we were anticipating a significant downturn, the actual rise in input costs has been much higher and far more sustained than the industry anticipated."
Looking ahead, the firm expects full year sales to be broadly in line with market expectations despite uncertainty around the summer trading period.
Current stock price: 32.00 pence each, down 20% on Wednesday afternoon in London
12-month change: down 29%
By Xindi Wei, Alliance News reporter
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Various Eat. (VARE)