(Alliance News) - Various Eateries on Wednesday reported a sound performance for its financial year, citing high footfall in city centre locations in Bath and Guildford.
The London-based operator of 18 Coppa Club, Tavolino and Noci restaurants in the UK said trading performance in the financial year that ended on October 1 was in line with expectations, with revenue slightly higher than market expectations at GBP45.5 million, up 12% from GBP40.7 million a year prior.
The company said that its town house Coppa Clubs in Bath and Guildford benefited from high footfall city centre locations, while group like-for-like sales were maintained despite the challenging macroeconomic environment, train strikes and wet weather in the spring and summer months.
Cash as at October 1 dropped to GBP1.9 million from GBP9.4 million a year prior.
Executive Chair Andy Bassadone said: "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."
Various Eateries shares were 1.8% lower at 27.50 pence each in London on Wednesday morning.
By Tom Budszus, Alliance News reporter
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Various Eat. (VARE)