REG - Cooks Coffee Company - Trading Update

Cooks CoffeeAnnouncement

15/01/2024 07:00

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RNS Number : 6623Z  Cooks Coffee Company Limited  15 January 2024

15 January 2024

Cooks Coffee Company Limited

 

("Cooks Coffee", the "Company" or the "Group")

 

Trading Update

 

Cooks Coffee Company (NZX:CCC; AQUIS:COOK), the international coffee focused
café chain, is pleased to provide a trading update covering the Company's
franchised coffee focused stores in the UK & Ireland for the calendar year
ended 31 December 2023. The Company's financial year end is 31 March and the
results for the financial year ended 31 March 2024 will be announced by 30
June 2024.

 

Highlights

 

-       Group store sales up 15.8% at £26.9m (2022: £23.2m).

-      UK store sales up 18.6% at 17.5m (2022: £14.7m) and Ireland store
sales up 11.0% at £9.4m (2022: £8.5m).

-       71 Group sites in the UK and Ireland as at 31 December 2023, up
from 62 as at 1 January 2023.

-       The short-term pipeline is strong with 6 to 8 outlets expected
to open in Q1 2024.

-       December 2023 saw a record month for the Group for the
highest-ever store sales.

-       Esquires achieved weekly store sales of £600,000 (NZ$1.2m) for
the first time across the UK and Ireland in December 2023.

 

Cooks Coffee has experienced robust sales expansion in both the UK and Ireland
during 2023, with a15.8% growth in sales from the Group's outlets to £26.9
million (2022: £23.2 million). Within the UK, store sales increased by 18.6%,
reaching £17.5 million (2022: £14.8 million), while in Ireland, store sales
increased by 11.0%, totalling £9.4 million (2022: £8.5 million).

 

The Company has prioritised boosting sales within its existing locations and
has also pursued a store expansion initiative. By the end of 2023, Cooks
Coffee added nine new stores in the UK and Ireland, totalling 71 Group sites
compared to 62 as at 1 January 2023. During the year Cooks Coffee opened 12
stores in UK and closed five, whilst in Ireland three stores opened and one
closed. Like for like sales in UK for 2023 were up 6.0% and in Ireland up 6.8%
whilst the sales from the new stores opened during 2023 accounted for 12.3% of
total sales in the UK and 13.4% in Ireland in 2023.

 

Throughout the year, momentum steadily increased, reaching a new record in
December 2023 as Esquires achieved weekly store sales of over £600,000
(NZ$1.2m) for the first time across the UK and Ireland in the week prior to
Christmas.

 

The Company is benefitting from positive operating cash flow compared to an
operating cash outflow in the same period last year which reaffirms the
positive direction of travel for the Company.

 

Keith Jackson, Executive Chairman of Cooks Coffee Company, said: "We are
delighted with the robust sales growth within our current coffee store
locations as we simultaneously progress our expansion programme, opening new
stores.

 

"December has been a record-breaking month for us and this success reflects
the dedication of our extended team of shareholders, directors, franchisees,
regional developers and company staff and the overwhelming support from our
valued customers. We remain committed to delivering exceptional experiences
and setting new benchmarks in the months ahead through our dedicated team of
local franchise store owners. We look forward to updating the market further
in due course."

 

Enquiries:

 Cooks Coffee Company Limited                        +64 21 702 509 (New Zealand)
 Keith Jackson (Executive Chairman)                  keith.jackson@cookscoffeecompany.com
                                                     (mailto:keith.jackson@cookscoffeecompany.com)
                                                     +44 (0) 20 3934 6630 (UK)
                                                     ukinvestorrelations@cookscoffeecompany.com
                                                     (mailto:ukinvestorrelations@cookscoffeecompany.com)

 IFC Advisory Limited (Financial PR & IR)            +44 (0) 20 3934 6630
 Tim Metcalfe, Graham Herring, Florence Chandler     cookscoffee@investor-focus.co.uk (mailto:cookscoffee@investor-focus.co.uk)

 Oberon Capital (AQSE Corporate Adviser and Broker)  +44 (0) 20 3179 5300
 Nick Lovering, Adam Pollock, Mike Seabrook

 

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