Azzurri Group revenues hit £258m in FY23

Azzurri Group has reported a 9% revenue increase to £258m for FY23 which ended on 30 June. 

The group – which owns Zizzi, Ask Italian and Coco di Mama – reported “strong” trading performance by all brands, with increases in volume and spend per head. EBITDA was also up 21% to £14.3m. 

During the year, the group opened four new Zizzi restaurants in addition to refurbishing another 13 others and reopening the ASK Italian restaurant in Horsham, Sussex. 

The group has also continued its strategic transformation of Coco di Mama from a “London-centric ‘Food to Go’ led business`” to an omnichannel Italian F&B brand, by expanding its presence in the travel sector through both motorway and rail  partnerships. 

In June 2023 Azzurri Group completed the acquisition of Ireland’s leading Mexican, fast casual operator, Boojum. The chain currently has 14 sites in Ireland but plans to expand the operator in Great Britain are already underway, with the first site secured in Leeds and scheduled to open in April 2024.  

For the year ahead, the hospitality group now expects strong revenue growth forecast at a double-digit EBITDA margin. 

Stephen Holmes, chief executive officer of Azzurri Group, said: “2023 has been a strong year for Azzurri with growth in revenues and VAT-adjusted profits. Key to this performance has been our continued investment in our restaurants and stores, the development of sector-leading technology to optimise our offer, the transformation of Coco di Mama into a national  delivery brand and a relentless focus on efficiency to protect our value proposition. 

“The current year has started well with a particularly strong Christmas. Looking ahead, we remain  focused on unlocking further growth opportunities at Zizzi, ASK and Coco and the further  development of each of their customer propositions. We are also hugely excited at the opportunities to develop our new Mexican business, Boojum.”