Various Eateries group revenues to beat expectations at £50.5m

Various Eateries expects its group revenues to be slightly ahead of market expectation at £50.5m for the full year to 29 September, a rise from £45.5m recorded last year, despite like-for-like sales declining by 1% by year-end. 

The operator of Coppa Club and Noci revealed that the elevated group revenues generated a small positive adjusted EBITDA, which was also slightly ahead due to efficiency improvements coupled with further softening of inflationary pressures. 

The final quarter saw a 4% rise in like-for-like sales despite above-average rainfall. This improved the overall group performance from -3% at the half-year mark to -1% by the end of the period. 

According to the group, its financial position still remains healthy, with cast at bank as of the end of September 2024 sitting at £5.8m, against a total of £1.9m a year prior. 

Various Eateries had attributed its stronger second half performance to the impact of a range of initiatives it had put in place to enhance the customer experience, such as elevating outdoor and indoor spaces across the group. 

These efforts were further bolstered by the continued return of tourists to the UK, particularly in London, with Coppa Club Tower Bridge delivering a “standout” performance. 

The group’s new openings – Noci Richmond and Coppa Club Cardiff – have also made promising starts. 

In addition, Various Eateries continues to see “considerable” opportunities for expansion but remain committed to a “measured and disciplined” roll-out, proceeding only with sites where it has a high degree of confidence in long-term, sustainable success.

Andy Bassadone, executive chairman of Various Eateries, said: “It is gratifying to see the progress made, particularly in the second half of the year, which reflects the tireless work of our teams in delivering superior experiences to our guests. At the same time, we’ve achieved meaningful gains in operational efficiency, which will help to offset government mandated cost rises next year.

“While the market remains challenging, we are encouraged by the continued easing of the pressures that have negatively impacted the industry, such as food and utility costs, alongside signs of gradually improving consumer confidence.”

He added: “With a strengthened organisational infrastructure now in place, there is a sense that momentum is returning to the business. We are confident in the group’s long-term growth prospects and look forward to building on our successes in the coming financial year.”