Business
Interim Results
Interim Results.
About this update from Coppa Collective Plc
[{"type":"text","content":"\n \n \n 23 June 2022\n \n \n \n \n \n \n \n \n VARIOUS EATERIES PLC\n \n \n \n (\"Various Eateries\" or \"the Company\"\n \n \n and with its subsidiaries \"the Group\")\n \n \n \n \n \n \n Unaudited Interim Results\n \n \n \n \n Positive performance and trading in line with expectations for the full year\n \n \n \n Various Eateries PLC, the owner, developer and operator of restaurant, clubhouse and hotel sites in the United Kingdom, announces its results for the\n 26-week period ending 3 April 2022.\n \n \n \n Financial Highlights\n \n \n \n ·\n Total Group revenue of\n £17.8m, up 439% year-on-year (H1 21: £3.3m), driven by new site openings and reflecting fewer restricted periods of trading\n \n \n ·\n Adjusted EBITDA* (IFRS 16) of £1.7m (H1 21: £2.5m loss)\n \n \n ·\n Loss after tax of £2.6m (H1 21: loss of £3.2m)\n \n \n ·\n Cash at bank of £14.5m as at 3 April 2022 (H1 21: £19.3m)\n \n \n \n Operational Highlights\n \n \n \n \n \n \n \n \n ·\n Covid-related 'Plan B' measures impacted festive period (and therefore H1 results), with a steady recovery seen after measures were lifted\n \n \n ·\n Successful openings of Coppa Club Putney and Noci, a new pasta-only concept, in Islington\n \n \n ·\n Excellent hotel performance with average room rate and occupancy both up significantly driven by strong demand for weddings and other large gatherings\n \n \n \n Post-Period Highlights\n \n \n \n ·\n Currently trading in line with market expectations for the full year\n \n \n ·\n Like-for-like Coppa sales for the 11 weeks to 19 June 2022 were up 2% versus 2019, reflecting encouraging booking momentum\n \n \n ·\n Like-for-like hotel room revenue particularly strong, up 19% on 2019 driven by average room rate\n \n \n ·\n Coppa Club Haslemere opened in May, with encouraging initial trade\n \n \n ·\n Coppa Club Bath to open late summer, with several other sites in advanced negotiation\n \n \n \n *Adjusted EBITDA is explained in the Appendix at the end of the Financials\n \n \n \n \n \n \n \n \n \n Yishay Malkov, CEO of Various Eateries, commented:\n \n \n \n \n \"Outside of the impact of the 'Plan B' measures over the festive period, which affected the entire industry, we are pleased with the performance, with trading remaining resilient despite the challenging macro-economic environment. It makes me very proud...