Azzurri Group profits double to £42m in FY24
Looking ahead, the group said that Christmas trading looks ‘encouraging’, and it is ‘cautiously optimistic’ of ongoing recovery in hospitality in 2025
Azzurri Group, the operator of ASK Italian, Zizzi and Coco di Mama, has seen profits rise from £21.3m to £41.9m in its full-year results, amid a year of “strong financial performance and transformational strategic progress”.In the year ended 30 June, 2024, revenues rose by 18% to £303.1m, up from £257.8m the prior year. Meanwhile, EBITDA more than doubled to £32.1m, up from £14.3m in FY23.
The group said it also invested £21.1m into the businesses over the year, particularly with investment into new businesses. Over the period it acquired Boojum, an Irish fast casual Mexican business, with three openings in the UK since the acquisition.
It also acquired the UK and Ireland master franchise rights for Dave’s Hot Chicken, with plans to open up to 60 sites in the UK.
In addition, the group continued to develop its core estate, reporting two new Zizzi openings in Chatham and Bridgend, and one new ASK Italian in Merry Hill, as well as 26 site transformations.
Azzurri also extended the reach of its grocery channel in Zizzi with a pizza and ready meal range, and expanded Coco Di Mama across motorway service stations and Sainsbury’s.
Looking ahead, the group said that Christmas trading looks “encouraging”, and it is “cautiously optimistic” of ongoing recovery in hospitality in 2025.
Steve Holmes, CEO of Azzurri Group, said: “We’ve had a successful year with the group continuing to grow both sales and profits. It has also been a transformational year for the business strategically as we moved a pure-play restaurant operator into the UK’s leading hospitality investment platform.
“Our platform enables leading brands to accelerate their growth plans with additional competitive advantages delivered by Azzurri’s centralised expertise. We are delighted that Boojum and Dave’s Hot Chicken have joined the group and they provide exciting opportunities for the future.”
He added: “We are cautiously optimistic of an ongoing recovery in hospitality in 2025. We have strong businesses that will continue to thrive and look forward to another year of positive development.”
