Business
Half Year Results
Half Year Results.
About this update from Coppa Collective Plc
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 25 June 2025 VARIOUS EATERIES PLC ("Various Eateries" or "the Company" and with its subsidiaries "the Group") Half Year Results Significant uplift in profitability and strengthening like-for-like sales Various Eateries PLC, the owner, developer and operator of restaurant, clubhouse and hotel sites in the United Kingdom, announces its unaudited results for the 26-week period ending 30 March 2025 (the "Period"). Financial Highlights · Revenue growth of 8.8% to £24.7m (H1 2024: £22.7m), largely driven by new site openings · Gross profit increase of 93.1% to £2.6m (H1 2024: £1.3m) · Adjusted EBITDA profit of £0.1m (H1 2024: loss of £1.2m) · Cash at bank of £6m (H1 2024: £7.2m) · Net cash of £2.9m (H1 2024: net cash of £4.2m) Operational Highlights · Like-for-like sales for the Period were flat year-on-year, primarily reflecting the impact of Easter falling later this year and after Period end · Site-level EBITDA increased by 81% on the prior period, reflecting stronger operational performance across the estate · Trading momentum was supported by continued focus on efficiency, service quality and execution Post-Period Highlights · Like-for-like sales for the twelve-week period post half year up 6.8% · Ongoing efficiency initiatives are allowing the Company to mitigate increased wage pressures effectively · Supported by a robust balance sheet and strengthened operational platform, the Group will continue to evaluate expansion opportunities while maintaining its disciplined approach to site selection · The Group is trading in line with market expectations for the full year Mark Loughborough, CEO of Various Eateries, said: "The first half of the year has been defined by steady, disciplined progress, and I'm pleased with the headway we've made. We've remained focused on enhancing the core of the business - improving the guest experience, strengthening our teams and laying solid foundations for future growth. "One of the key reasons I joined Various Eateries was the clear potential I saw - in the strength of the brands, the loyalty of our guests, and the opportunity to scale with quality. That belief has only grown. We're now making meaningful progress, underpinned by a shared sense of purpose and a clear ambition to turn potential into long-term success. "While the wider economic landscape remains challenging, both Coppa Club and Noci have delivered encouraging performances. I believe the momentum we're building is sustainable. With a solid start to the second half, robust foundations in place, and a clear, phased growth strategy, we remain optimistic about the road ahead." Contacts: Various Eateries plc Via Alma Mark Loughborough (Chief Executive Officer) Sharon Badelek (Chief Financial Officer) Zeus (Sole Broker & NOMAD) +44 (0)20 3829 5000 Harry Ansell (Broking) Antonio Bossi (NOMAD) Darshan Patel George Duxberry Alma Strategic Communications +44 (0)20 3405 0205 David Ison [email protected] Rebecca Sanders-Hewett Will Merison About Various Eateries Various Eateries owns, develops and operates restaurant, clubhouse and hotel sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation". The Group operates two core brands across 20 locations: Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and work spaces. Noci, a modern pasta-led concept which serves very high-quality dishes at reasonable prices. For more information visit www.variouseateries.co.uk . Chairman's Statement Introduction The first half of the year marked a period of steady and disciplined progress for Various Eateries, including a smooth transition in executive leadership. The appointment of Mark as CEO at the start of the calendar year brought renewed energy and focus to the business. Since joining, Mark has quickly embedded himself in the organisation - investing time to understand all aspects of our operations - and has already made a tangible impact. Supported by a restructured leadership team, we have established greater clarity in roles and responsibilities, resulting in improved execution and a more agile business. Mark's thoughtful, brand-led approach is already helping to unlock the potential of our estate, enhancing our offering through incremental but meaningful improvements that resonate with customers and strengthen our long-term positioning. As we move into the second half, we do so with steadily increasing confidence. Our priorities remain clear: to continue enhancing the customer experience, to drive operational efficiency and to ensure we are making the most of every opportunity across the business. Encouragingly, our progress is evident not only in a sustained improvement in profitability but also in resilient sales momentum that has ticked up in recent weeks, providing a strong lead into the critical summer trading period. Executing on our growth strategy Coppa Club, the flexible all-day eating and drinking destination, was founded to capitalise on the growing demand for all day venues. Providing a destination to eat, drink, work and stay the night across 13 venues in city centre and countryside locations, our unique sites provide a member's club space without the fees. We are pleased with the brand's performance during the Period, and it is especially encouraging to see the continued strong performance of Cardiff Townhouse, which opened in May 2024. The site consistently attracts high footfall throughout the year and is ideally located to capitalise on events at the Principality Stadium. Post-Period end, Coppa Club Tower Bridge recorded its best ever week, as its reputation continues to grow as a popular food and drink destination in central London. We see strong growth potential in both Townhouse and single-floor formats, and will continue to assess expansion opportunities carefully, pursuing them only when the conditions are right. Noci, the modern neighbourhood Italian pasta bar with sites across London, also performed well and is primed for long-term growth. Our Richmond location, which opened in May last year, continues to trade in line with expectations, benefitting from its prime location and establishing itself amongst locals as an affordable, high-quality dining location. Like Coppa Club, Noci is well positioned for selective expansion in London and beyond, supporting our medium-term goal of growing the brand to 25 sites. The scalable concept also allows for easy roll-out into 3,000-4,000 square foot units, broadening the range of potential locations, which we continue to assess with discipline. Our expansion strategy for both brands is clearly defined, with a target return on investment of 25% to 33% for new sites. In the second half, we're focused on strengthening our foundations - investing in our team, enhancing the customer experience and optimising operations. This groundwork sets the stage for a measured increase in site openings in FY26, followed by a broader rollout in FY27 as we accelerate execution. Encouraging momentum Sales grew by 8.8% across the Group compared to the same period last year, largely driven by new site openings. Gross profit increased by 93.1% to £2.6m (H1 2024: £1.3m) , due to a continued focus on operational improvements and service excellence. While like-for-like sales for the Period were flat year-on-year, this primarily reflected the impact of Easter falling later this year and after Period end. Most recently, in the twelve weeks following the Period end, like-for-like sales increased by 6.8% year-on-year, a notable uplift that reinforces our confidence moving through the second half. Encouragingly, key trading occasions are performing well, with Mother's Day alone delivering a 38% like-for-like sales uplift. The Group's financial position remains strong, with cash at bank as at 30 March 2025 of £6.0m (H1 2024: £7.2m). Like much of the sector, the increased minimum wage and National Insurance contributions have had a material impact on staff costs with further pay rises seen across the business. However, we have worked hard to mitigate this impact through a range of initiatives implemented across the organisation. The Group remains well-placed to manage these pressures and will continue to drive efficiencies across the business to help offset rising costs without compromising the customer experience. We are therefore encouraged by the solid first half of the year and the strong start to H2. Enhancing our proposition At Coppa Club, we have focused on maximising trade by aligning with how customer preferences change across the day. A key example is the successful enhancement of our premium drinking areas, which enables a seamless transition from a relaxed café-lounge atmosphere in the morning to a vibrant premium drinking destination in the evening. This initiative is already delivering a positive commercial impact. It has been encouraging to see recent efforts to enhance outdoor spaces across our Coppa Club sites continue to deliver results. The increase in outdoor covers, coupled with an improved guest experience, has put us in a strong position for the summer months ahead, even in the face of unpredictable weather. We're also exploring ways to increase Coppa's focus on weddings and private events, further supporting site-level revenue. With many sites offering attractive settings and adaptable spaces, there is clear potential to do more in this area and drive stronger utilisation across the estate. We are building on this momentum by investing in targeted refurbishments across the estate, enhancing our venues to ensure they continue to deliver a best-in-class experience and realise their full revenue potential. Operational evolution We remain focused on maximising sales through ongoing enhancements to operational efficiency across the estate. This has included the continued refinement of rotas to ensure optimal staff coverage during peak trading periods, alongside efforts to improve speed of service, particularly in the evenings, to improve the customer experience and drive increased sales. There has also been a focus on targeted seasonal menu engineering to elevate our offer and enhance margins. In parallel, we are also realising savings through continued refinement of our supply chains. These initiatives have been supported by the rollout of Reputation, a platform designed to enhance guest feedback and team responsiveness, helping to enrich the overall customer experience. Together, these actions are driving better performance and form part of a longer-term programme of continuous optimisation across the estate. Strengthened senior leadership team Our senior leadership team was bolstered in the Period by the appointment of Mark Loughborough as CEO who brings over 30 years of experience in the hospitality industry. Foundations in place for further growth Trading remains in line with full-year market expectations, and we enter the second half with confidence. While we remain mindful of the potential impact of unpredictable summer weather, upgrades to our outdoor spaces mean we are better equipped to make the most of trading opportunities in all conditions. The team's continued hard work, combined with the early impact of behind-the-scenes initiatives, is delivering tangible results. With strengthened operational foundations, the business is well positioned for future growth. Various Eateries PLC Consolidated Statement of Comprehensive Income for the 26 weeks ended 30 March 2025 26 weeks ended 30 March 2025 26 weeks ended 31 March 2024 52 weeks ended 29 September 2024 Unaudited Unaudited Audited Note £ 000 £ 000 £ 000 Revenue 24,657 22,676 49,486 Cost of sales (22,058) (21,330) (46,022) Gross profit / (loss) 2,599 1,346 3,464 Central staff costs (1,879) (1,748) (3,397) Share-based payments 11 (366) (139) (391) Gain on early surrender of lease - - - Loss on disposal of assets and leases - - 9 Impairment of property, plant and equipment - - (636) Reversal of impairment on property, plant and equipment - - 1,574 Other operating income - - 1,153 Other expenses (1,619) (1,860) (2,704) Operating loss (1,265) (2,401) (928) Finance income 4 103 - 5 Financing costs 4 (1,077) (1,462) (2,434) Loss before tax (2,239) (3,863) (3,357) Tax - - - Loss for the period (2,239) (3,863) (3,357) Earnings per share Basic loss per share (pence) 5 (1.3) (2.3) (2.0) Diluted loss per share (pence) 5 (1.3) (2.3) (2.0) Various Eateries PLC Consolidated Statement of Financial Position As at 30 March 2025 30 March 2025 31 March 2024 29 September 2024 Unaudited Unaudited Audited Note £ 000 £ 000 £ 000 Non-current assets Intangible assets 6 11,090 11,121 11,090 Right-of-use assets 7 23,893 24,728 25,279 Other property, plant and equipment 7 26,049 25,338 26,831 61,032 61,187 63,200 Current assets Inventories 1,172 1,089 1,146 Trade receivables 8 218 111 244 Other receivables 8 1,891 1,902 3,336 Cash and bank balances 6,021 7,220 5,829 9,302 10,322 10,555 Total assets 70,334 71,509 73,755 Current liabilities Trade and other payables 9 (9,062) (8,156) (13,514) Borrowings 10 (5,010) (6,501) (3,139) Net current (liabilities) / assets (4,770) (4,335) (6,098) Total assets less current liabilities 56,262 56,852 57,102 Non-current liabilities Borrowings 10 (28,458) (27,763) (27,424) Provisions (187) (357) (188) Total non-current liabilities (28,645) (28,120) (27,612) Total liabilities (42,717) (42,777) (44,265) Net assets 27,617 28,732 29,490 Equity Share capital 1,750 1,750 1,750 Share premium 72,540 72,540 72,540 Merger reserve 64,736 64,736 64,736 Other reserves (5,012) (5,012) (5,012) Retained earnings (106,397) (105,282) (104,524) Total shareholder funds 27,617 28,732 29,490 Various Eateries PLC Consolidated Statement of Changes in Equity for the 26 weeks ended 30 March 2025 Called-up share capital Share premium account Merger reserve Employee benefit trust reserve Retained earnings Total £ 000 £ 000 £ 000 £ 000 £ 000 £ 000 At 1 October 2023 890 52,284 64,736 (5,012) (101,558) 11,340 Share issue 860 20,256 - - - 21,116 Share-based payments - - - - 139 139 Loss for the period - - - - (3,863) (3,863) At 31 March 2024 1,750 72,540 64,736 (5,012) (105,282) 28,732 At 31 March 2024 1,750 72,540 64,736 (5,012) (105,282) 28,732 Share-based payments 252 252 Loss for the period 506 506 At 29 September 2024 1,750 72,540 64,736 (5,012) (104,524) 29,490 At 29 September 2024 1,750 72,540 64,736 (5,012) (104,524) 29,490 Share-based payments - - - - 366 366 Loss for the period - - - - (2,239) (2,239) At 30 March 2025 1,750 72,540 64,736 (5,012) (106,397) 27,617 Various Eateries PLC Consolidated Statement of Cash Flows for the 26 weeks ended 30 March 2025 26 weeks ended 30 March 2025 26 weeks ended 31 March 2024 52 weeks ended 29 September 2024 Unaudited Unaudited Audited £ 000 £ 000 £ 000 Cash flows from operating activities Loss for the year (2,239) (3,863) (3,357) Adjustments to cash flows from non-cash items: Impairment of property, plant and equipment - 636 Reversal of impairment of property, plant and equipment - (1,574) Depreciation and amortisation 2,957 2,723 5,502 Gain on early surrender of lease - - - (Profit) / Loss on disposal and surrender of leases - - (9) Share-based payments 366 139 391 Finance income (103) - (5) Finance costs 1,077 1,462 2,434 2,058 461 4,018 Working capital adjustments: Increase in inventories (23) (14) (68) (Increase) / decrease in trade and other receivables 1,450 210 (1,344) (Increase) / decrease in accruals, trade and other payables (633) (1,563) (125) Decrease in provisions (170) Net cash flow from operating activities 2,852 (906) 2,311 Cash flows from investing activities Interest received 103 - 5 Purchases of property plant and equipment (789) (1,408) (4,317) Net cash flows from investing activities (686) (1,408) (4,312) Cash flows from financing activities Interest paid (952) (901) (1,763) Proceeds from issue of shares - 9,707 21,116 Repayment of borrowings - (11,409) Principal elements of lease payments (1,022) (1,174) (2,016) Net cash flows from financing activities (1,974) 7,632 5,928 (Decrease) / increase in cash 192 5,318 3,927 Opening cash at bank and in hand 5,829 1,902 1,902 Closing cash at bank and in hand 6,021 7,220 5,829 Various Eateries PLC Notes to the Financial Statements for the 26 weeks ended 30 March 2025 1 General information Various Eateries PLC, 'the Company', and its subsidiaries (together 'the Group') are engaged in the operation of restaurants and hotels in London and the South of England. The company is a public company limited by shares whose shares are publicly traded on AIM, a market of the London Stock Exchange and is incorporated in the United Kingdom under the Companies Act 2006 and are registered in England and Wales. The registered address of the Company is 20 St Thomas Street, London, SE1 9RS. 2 Basis of preparation The unaudited interim financial information for the 26 weeks ended 30 March 2025 has been prepared under the recognition and measurement principles of International Financial Reporting Standards ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 29 September 2024 but does not contain all the information necessary for full compliance with IFRS. The unaudited interim financial information was approved and authorised for issue by the Board on 24 June 2025. The unaudited interim financial information for the 26 weeks ended 30 March 2025 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 29 September 2024. The information for the 52 weeks ended 29 September 2024 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement under sections 498(2)-(3) of the Companies Act 2006. The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (£'000) except when otherwise indicated. Changes in accounting policies and disclosures: There were no changes in accounting policies and disclosures during the period. 3 Segmental reporting 26 weeks ended 30 March 2025 Restaurant segment Hotel segment Other unallocated Total £ 000 £ 000 £ 000 £ 000 Revenue 23,090 1,543 24 24,657 Trading sites EBITDA (IAS 17) 3,415 116 (3,465) 66 Impact of IFRS 16 1,682 381 - 2,063 Total EBITDA (IFRS 16) 5,097 497 (3,465) 2,129 Depreciation & Amortisation - - (2,957) (2,957) Net financing costs - - (974) (974) Exceptional costs - - (71) (71) Share based payments - - (366) (366) Profit / (loss) before tax 5,097 497 (7,833) (2,239) Tax - - - - Profit / (loss) for the period 5,097 497 (7,833) (2,239) 26 weeks ended 31 March 2024 Restaurant segment Hotel segment Other unallocated Total £ 000 £ 000 £ 000 £ 000 Revenue 21,007 1,657 12 22,676 Trading sites EBITDA (IAS 17) 1,964 340 (3,544) (1,240) Pre Opening costs (203) - - (203) Impact of IFRS 16 1,229 681 - 1,910 Total EBITDA (IFRS 16) 2,990 1,021 (3,544) 467 Depreciation & Amortisation - - (2,723) (2,723) Financing costs - - (1,462) (1,462) Exceptional costs - - (6) (6) Share based payments - - (139) (139) Profit / (loss) before tax 2,990 1,021 (7,874) (3,863) Tax - - - - Profit / (loss) for the period 2,990 1,021 (7,874) (3,863) 3 Segmental reporting (continued) 52 weeks ended 29 September 2024 Restaurant segment Hotel segment Other unallocated Total £ 000 £ 000 £ 000 £ 000 Revenue 45,155 4,295 36 49,486 Trading site EBITDA (IAS 17) 4,763 1,081 (5,544) 300 Pre Opening costs (285) - (52) (337) Impact of IFRS 16 2,608 1,447 - 4,055 Profit on disposal of assets and leases - - 9 9 Share-based payments - - (391) (391) Total EBITDA 7,086 2,528 (5,978) 3,636 Depreciation & Amortisation (4,124) (1,378) - (5,502) Impairment of property, plant and equipment (636) - - (636) Reversal of impairment of property, plant and equipment 1,574 - - 1,574 Financing costs - - (2,429) (2,429) Profit / (Loss) before tax 3,900 1,150 (8,407) (3,357) Tax - - - - Loss for the period 3,900 1,150 (8,407) (3,357) 4 Financing costs 26 weeks ended 30 March 2025 26 weeks ended 31 March 2024 52 weeks ended 29 September 2024 Unaudited Unaudited Audited £ 000 £ 000 £ 000 Interest income on bank deposits 103 - 5 Total finance income 103 - 5 Financing costs on bank overdraft and borrowings 125 562 575 Lease liability interest 952 900 1,859 Total financing costs 1,077 1,462 2,434 Net financing costs 974 1,462 2,429 5 Earnings per share Basic loss per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares outstanding during the year. There were no potentially dilutive ordinary shares outstanding as at the reporting date. 26 weeks ended 30 March 2025 26 weeks ended 31 March 2024 52 weeks ended 29 September 2024 Unaudited Unaudited Audited Loss for the year after tax (£ 000) (2,239) (3,863) (3,357) Basic and diluted weighted average number of shares 168,180,186 168,180,186 168,180,186 Basic loss per share (pence) (1.3) (2.3) (2.0) Diluted loss per share (pence) (1.3) (2.3) (2.0) 6 Intangible assets Brand Goodwill Trademarks, patents & licenses Total £ 000 £ 000 £ 000 £ 000 Cost or valuation At 1 October 2023 2,912 26,019 25 28,956 Additions - - - - At 31 March 2024 2,912 26,019 25 28,956 Additions - - - - At 29 September 2024 2,912 26,019 25 28,956 Additions - - - - At 30 March 2025 2,912 26,019 25 28,956 Amortisation At 1 October 2023 2,850 14,954 - 17,804 Amortisation 31 - - 31 At 31 March 2024 2,881 14,954 - 17,835 Amortisation 31 - - 31 At 29 September 2024 2,912 14,954 - 17,866 Amortisation - - - - At 30 March 2025 2,912 14,954 - 17,866 Carrying amount At 31 March 2024 31 11,065 25 11,121 At 29 September 2024 - 11,065 25 11,090 At 30 March 2025 - 11,065 25 11,090 Brand relates to registered brand names and is amortised over an estimated useful economic life of four years. Goodwill is not amortised, but an impairment test is performed annually by comparing the carrying amount of the goodwill to its recoverable amount. The recoverable amount is represented by the greater of the individual CGU's fair value less costs of disposal and its value-in-use. 7 Property, plant and equipment Right of use assets Freehold property Leasehold improve- ments Furniture, fittings and equipment Work in progress IT equipment Total £ 000 £ 000 £ 000 £ 000 £ 000 £ 000 £ 000 Cost or valuation At 1 October 2023 37,622 2,294 21,251 10,134 597 2,342 74,240 Additions 805 - - 39 1,369 - 2,213 Disposals - - - - - - - Lease modifications 275 - - - - - 275 Transfers - - 106 215 (345) 24 - At 31 March 2024 38,702 2,294 21,357 10,388 1,621 2,366 76,728 Additions 946 - 527 751 1,613 18 3,855 Lease modifications - - - - - - - Disposals (579) - - - - - (579) Transfers - - 2,259 743 (3,068) 66 - At 29 September 2024 39,069 2,294 24,143 11,882 166 2,450 80,004 Additions - - 4 - 779 6 789 Disposals - - - - - - - Lease modifications - - - - - - - Transfers - - 303 435 (751) 13 - At 30 March 2025 39,069 2,294 24,450 12,317 194 2,469 80,793 Depreciation At 1 October 2023 12,749 138 3,543 5,942 - 1,598 23,970 Charge for the period 1,225 19 618 689 - 141 2,692 Eliminated on disposal - - - - - - - At 31 March 2024 13,974 157 4,161 6,631 - 1,739 26,662 Charge for the period 1,297 21 632 670 - 128 2,748 Eliminated on disposal (578) - - - - - (578) Impairment loss 294 - 342 - - - 636 Impairment loss reversal (1,197) - (377) - - - (1,574) At 29 September 2024 13,790 178 4,758 7,301 - 1,867 27,894 Charge for the period 1,386 19 716 721 - 115 2,957 Eliminated on disposal - - - - - - - At 30 March 2025 15,176 197 5,474 8,022 - 1,982 30,851 Carrying amount At 31 March 2024 24,728 2,137 17,196 3,757 1,621 627 50,066 At 29 September 2024 25,279 2,116 19,385 4,581 166 583 52,110 At 30 March 2025 23,893 2,097 18,976 4,295 194 487 49,942 8 Trade and other receivables 30 March 2025 31 March 2024 29 September 2024 Unaudited Unaudited Audited £ 000 £ 000 £ 000 Trade receivables 218 111 244 Prepayments 738 719 2,183 Other debtors 1,153 1,183 1,153 2,109 2,013 3,580 All of the trade receivables were non-interest bearing, receivable under normal commercial terms, and the Directors do not consider there to be any material expected credit loss. The Directors consider that the carrying value of trade and other receivables approximates to their fair value. 9 Trade and other payables 30 March 2025 31 March 2024 29 September 2024 Unaudited Unaudited Audited £ 000 £ 000 £ 000 Trade payables 1,460 1,445 2,045 Accrued expenses 4,076 4,023 4,042 Social security and other taxes 1,483 950 1,675 Other payables 2,043 1,738 1,825 Lease liabilities due in less than one year - - 3,927 9,062 8,156 13,514 10 Loans and borrowings 30 March 2025 31 March 2024 29 September 2024 Unaudited Unaudited Audited £ 000 £ 000 £ 000 Current borrowings Borrowings from related parties 3,140 3,018 3,139 Lease liabilities 1,870 3,483 - 5,010 6,501 3,139 30 March 2025 31 March 2024 29 September 2024 Unaudited Unaudited Audited £ 000 £ 000 £ 000 Non-current interest bearing loans and borrowings Borrowings from related parties - - - Lease liabilities 28,458 27,763 27,424 28,458 27,763 27,424 10 Loans and borrowings (continued) The deep discounted bond instrument issued by VEL Property Holdings Limited was rolled in 2024 with a new redemption date of 14 July 2025. In July 2023 the deep discounted bond was rolled with a new redemption date of 14 January 2024; and was rolled again in January 2024 with a new redemption date of 14 July 2024. The nominal value at 30 March 2025 is £3,139,000 (31 March 2024 £3,018,000). The discount is recognised on a straight-line basis between subscription and redemption date, resulting in £178,000 of accrued financing costs as at the reporting date. 11 Share based payments As at 30 March 2025, the Group maintained one separate share-based payment scheme for employee remuneration (2023: two): · Various Eateries Company Share Option Plan ("CSOP") In accordance with IFRS 2 "Share-based Payment", the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management's estimate of the number of shares that will eventually vest. A charge of £366,000 (2024: £139,000) has been recognised in the income statement by the Group in the 26-week period ended 30 March 2025. During the period, 6,000,000 options were granted into the CSOP scheme to certain directors and PDMRs of the Company. 4,000,000 options were cancelled. 12 EBITDA Reconciliation 26 weeks ended 30 March 2025 26 weeks ended 31 March 2024 52 weeks ended 29 September 2024 Unaudited Unaudited Unaudited £ 000 £ 000 £ 000 Revenue 24,657 22,676 49,486 Loss before tax (2,239) (3,863) (3,357) Net financing costs 974 1,462 2,429 Impairment - - 636 Reversal of impairment - (1,574) Depreciation and amortisation 2,957 2,723 5,502 Gain on early surrender of lease - - - Loss on disposal of property, plant and equipment - - - Authorised Guarantee Agreements provision - - - EBITDA before exceptional costs 1,692 322 3,636 Pre-opening costs - 203 337 Share-based payments 366 139 391 Profit on disposal of assets and leases - - (9) Exceptional costs 71 6 - Adjusted EBITDA (IFRS 16) 2,129 670 4,355 Adjustment for rent expense (2,063) (1,910) (4,055) Adjusted EBITDA before impact of IFRS 16 66 (1,240) 300
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