REG - Various Eateries PLC - Half Year Results & Trading Update
28/06/2023 07:00
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RNS Number : 1271E Various Eateries PLC 28 June 2023
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 as retained as part of UK law by virtue of the European
Union (Withdrawal) Act 2018 as amended. Upon the publication of this
Announcement, this inside information is now considered to be in the public
domain.
28 June 2023
VARIOUS EATERIES PLC
("Various Eateries" or "the Company"
and with its subsidiaries "the Group")
Half Year Results & Trading Update
For the 26-week period to 2 April 2023
Half Year Results
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 2 April 2023.
Group revenue increased 16% on the comparable period in the prior year to
£20.6m (H1 2022: £17.7m). Group LFL sales, excluding the benefit of the
reduced rate of VAT for hospitality businesses in the prior year, were
marginally up. Management is pleased with the revenue performance,
particularly given the challenging economic environment, disruptions from
train strikes, and an unseasonably wet and dull spring.
Trading highlights in the period included the improved revenue performance of
our central London sites, which saw LFL sales grow by 10% on the same period
last year, as the number of office workers and tourists increased.
The Group's first Noci site in Islington, which opened in March 2022,
continues to outperform management expectations. The brand has quickly
established itself and, although it currently forms a small part of the Group,
management expects it to play an increasingly prominent role in the years to
come.
However, as previously reported, the Group, alongside the rest of the
hospitality industry, has been dealing with unprecedented cost pressure in the
supply chain, energy costs and continuing pressure on wages and related costs.
The same period last year benefited from £1.2m of VAT and Covid relief which
has had a direct impact when comparing Gross Profit. The combination of these
factors has led to a decrease in Gross Profit to £0.6m (H1 2022: £1.5m) and
a loss after tax of £4.3m (H1 2022: loss of £2.6m).
The Group's balance sheet remains solid, with cash at bank of £3.1m as at 2
April 2023 (H1 2022: £14.5m).
New Site Openings
Following the post-period openings of Coppa Club Guildford and Noci Battersea
Power Station, the Group now operates 17 venues.
Coppa Club Guildford, the brand's second townhouse offering, opened its doors
in April 2023. Management is pleased with how it has been received by the
local community and its strong start to trading bodes well for the future.
Opening in May 2023, the Group's second Noci site, located in the
comprehensive commercial and residential redevelopment of one of London's most
iconic landmarks, Battersea Power Station, has enjoyed a promising start.
Although early in its existence, management is confident in its ability to
replicate the success of the original.
The Group is pleased to announce it has signed terms on a third Noci site in
Old Street, central London. Located in the vibrant area of Shoreditch, Noci
Old Street is expected to open towards the end of the current financial year.
Coppa Club Cardiff and Coppa Club Farnham will open in the next financial
year.
Noting the uncertain economic backdrop however and as previously announced, a
rise in the cost of fitting out new venues, management continues to pursue its
expansion strategy cautiously and at a measured pace.
Trading Update
Following a review of the trading figures for the first half of the year to
end of March 2023 and for the additional two months to the end of May 2023,
the Board wishes to update investors in respect of full year market
expectations.
In the current economic climate, the Board has prioritised sales, customer
satisfaction and maintaining the Group's value proposition ahead of trying to
maintain previously industry-normal levels of margin. Consequently, although
considerable uncertainty remains around the important summer trading period,
excluding the impact of postponing certain new openings as a result of the
board's cautious approach in the current environment, we expect full year
sales to be broadly in line with market expectations.
However, several ongoing factors are continuing to have more of a negative
impact on bottom line performance than the Board had previously anticipated:
· Despite sustained falls in underlying commodity prices, food costs
are continuing to increase at high double-digit rates, as reported in recent
official inflation data. While some of the rises have been mitigated by supply
chain management and menu engineering, the Company continues to believe that
it is better for its long-term strategy not to pass on the full extent of the
net price increases to its customers.
· Variable costs, in particular energy costs, also remain highly
elevated and, although there are signs that they are abating in some areas,
they continue to substantially impact profit margins.
· The labour market continues to be extremely difficult. As well as an
increase in direct labour costs, this also results in very significant
additional costs, notably recruitment and training of staff.
· Continuing train strikes have a major impact on the Company's larger
city centre sites, with a direct impact on revenues and increased challenges
for efficient staff rostering.
Due to the above factors, the Company anticipates that net EBITDA margins as a
percentage of sales will be significantly lower than previously expected.
Although, there remains considerable uncertainty in forecasting in current
circumstances, based on current levels of cost inflation, we estimate that the
total impact of increased food, labour and variable costs on site EBITDA
margins for the full year to September 2023 as a percentage of sales will
amount to approximately 5-7%.
Further central cost pressures may amount to a further 1-3% of sales in terms
of reduction in total Group EBITDA margin. Obviously, the Board is
continuously reviewing costs and implementing measures to mitigate this
shortfall.
On a more optimistic note, excluding the effects of train strikes, sales
across the Group continue to hold up well, the performance of recent new
openings has been encouraging, and the availability of sites in prime
locations at significantly lower rents continue to increase.
Andy Bassadone, Chairman of Various Eateries, said:
"A squeeze on margins of this scale is unprecedented in my thirty-five years'
experience in the hospitality industry. Even though we were anticipating a
significant downturn, the actual rise in input costs has been much higher and
far more sustained than the industry anticipated.
In addition to the discipline we are exercising in relation to new openings
referred to above, we continue to focus rigorously on the cost structure and
operational efficiency and will adapt the way we operate in this environment.
With established and desirable brands, a clear growth strategy, and a
management team that has a proven track record of growing businesses in good
and bad times, the Group is well positioned. We will approach the second half
in a similarly measured way to the first and remain confident in our ability
to accelerate growth when conditions normalise."
Yishay Malkov, CEO of Various Eateries, said:
"I am proud of the way our teams continue to rise to the challenges of the
current landscape while maintaining an unwavering focus on delivering
exceptional experiences to everyone that comes through our doors. It is thanks
to them that our brands have built such strong reputations and remain in such
high demand.
Looking ahead, while it's difficult to say with any certainty when the
pressures we, and others in our industry are under will subside, we will
continue to monitor and respond to further changes in the landscape as
necessary."
Enquiries
Various Eateries plc Via Alma PR
Andy Bassadone Executive Chairman
Yishay Malkov Chief Executive Officer
Sharon Badelek Chief Financial Officer
WH Ireland Limited Sole Broker and NOMAD Tel: +44 (0)20 7220 1666
Broking
Harry Ansell
Nominated Adviser
Katy Mitchell
Alma PR Financial PR Tel: +44 (0)20 3405 0205
David Ison variouseateries@almapr.co.uk
Pippa Crabtree
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 is led by a highly experienced senior team including Andy Bassadone
(Executive Chairman), Hugh Osmond (Founder), Yishay Malkov (CEO), Sharon
Badelek (CFO) and Matt Fanthorpe (Chef Director, a non-board position).
The Group operates three core brands across 17 locations:
· Coppa Club, a multi-use, all day concept that combines restaurant,
terrace, café, lounge, bar and workspaces
· Tavolino, a restaurant aiming to address a gap in the market for
high-quality Italian food at mid-market prices
· Noci, a modern, neighbourhood pasta-only concept which serves very
high-quality dishes at reasonable prices
For more information visit www.variouseateries.co.uk
(http://www.variouseateries.co.uk)
Various Eateries PLC
Consolidated Statement of Comprehensive Income
for the 26 weeks ended 2 April 2023
26 weeks ended 2 April 2023 26 weeks ended 3 April 2022 52 weeks ended 2 October 2022
Unaudited Unaudited Audited
Note £ 000 £ 000 £ 000
Revenue 20,578 17,742 40,667
Cost of sales (20,013) (16,215) (36,992)
Gross profit / (loss) 565 1,527 3,675
Central staff costs (1,745) (1,340) (2,617)
Share-based payments 11 (51) (423) (830)
Impairment of goodwill - - (1,563)
Impairment of property, plant and equipment - - (980)
Loss on disposal of assets and leases (37) - (54)
Other expenses (1,947) (1,417) (2,840)
Operating loss (3,215) (1,653) (5,209)
Finance income - - -
Financing costs 4 (1,085) (921) (2,006)
Loss before tax (4,300) (2,574) (7,215)
Tax - - -
Loss for the period (4,300) (2,574) (7,215)
Earnings per share
Basic loss per share (pence) 5 (5.2) (3.1) (8.8)
Diluted loss per share (pence) 5 (5.2) (3.1) (8.8)
Various Eateries PLC
Consolidated Statement of Financial Position
As at 2 April 2023
2 April 2023 3 April 2022 2 October 2022
Unaudited Unaudited Audited
Note £ 000 £ 000 £ 000
Non-current assets
Intangible assets 6 11,183 12,809 11,214
Right-of-use assets 7 25,764 22,926 26,109
Other property, plant and equipment 7 23,956 18,184 21,592
60,903 53,919 58,915
Current assets
Inventories 899 629 808
Trade receivables 8 126 210 204
Other receivables 8 1,671 1,608 2,359
Cash and bank balances 3,111 14,523 9,390
5,807 16,970 12,761
Total assets 66,710 70,889 71,676
Current liabilities
Trade and other payables 9 (7,448) (8,191) (8,594)
Borrowings 10 (6,009) (15,571) (15,533)
Net current (liabilities) / assets (7,650) (6,792) (11,366)
Total assets less current liabilities 53,253 47,127 47,549
Non-current liabilities
Borrowings 10 (39,197) (24,588) (29,244)
Provisions (357) (357) (357)
Total non-current liabilities (39,554) (24,945) (29,601)
Total liabilities (53,011) (48,707) (53,728)
Net assets 13,699 22,182 17,948
Equity
Share capital 890 890 890
Share premium 52,284 52,284 52,284
Merger reserve 64,736 64,736 64,736
Other reserves (5,012) (5,012) (5,012)
Retained earnings (99,199) (90,716) (94,950)
Total shareholder funds 13,699 22,182 17,948
Various Eateries PLC
Consolidated Statement of Changes in Equity
for the 26 weeks ended 2 April 2023
Called-up share capital Share premium account Merger reserve Employee benefit trust reserve Retained earnings Total
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000
At 3 October 2021 890 52,284 64,736 (5,012) (88,565) 24,333
Share-based payments - - - - 423 423
Loss for the period - - - - (2,574) (2,574)
At 3 April 2022 890 52,284 64,736 (5,012) (90,716) 22,182
At 3 April 2022 890 52,284 64,736 (5,012) (90,716) 22,182
Share-based payments - - - - 407 407
Loss for the period - - - - (4,641) (4,641)
At 2 October 2022 890 52,284 64,736 (5,012) (94,950) 17,948
At 2 October 2022 890 52,284 64,736 (5,012) (94,950) 17,948
Share-based payments - - - - 51 51
Loss for the period - - - - (4,300) (4,300)
At 2 April 2023 890 52,284 64,736 (5,012) (99,199) 13,699
Various Eateries PLC
Consolidated Statement of Cash Flows
for the 26 weeks ended 2 April 2023
26 weeks ended 2 April 2023 26 weeks ended 3 April 2022 52 weeks ended 2 October 2022
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Cash flows from operating activities
Loss for the year (4,300) (2,574) (7,215)
Adjustments to cash flows from non-cash items:
Depreciation and amortisation 2,638 2,304 4,702
Impairment - - 2,543
Loss on disposal and surrender of leases 37 - 54
Share-based payments 51 423 830
Finance income - - -
Finance costs 1,085 921 2,006
(489) 1,074 2,920
Working capital adjustments:
Increase in inventories (91) (83) (262)
(Increase) / decrease in trade and other receivables 403 (81) (1,059)
Decrease in accruals, trade and other payables (949) (629) 262
Decrease in provisions - - -
Net cash flow from operating activities (1,126) 281 1,861
Cash flows from investing activities
Interest received - - -
Purchases of property plant and equipment (3,755) (4,190) (8,852)
Proceeds on disposal of property plant and equipment - - -
Costs on issue of shares - - -
Net cash flows from investing activities (3,755) (4,190) (8,852)
Cash flows from financing activities
Interest paid (714) (589) (1,345)
Proceeds from borrowings - - (431)
Principal elements of lease payments (684) (695) (1,559)
Net cash flows from financing activities (1,398) (1,284) (3,335)
(Decrease) / increase in cash (6,279) (5,193) (10,326)
Opening cash at bank and in hand 9,390 19,716 19,716
Closing cash at bank and in hand 3,111 14,523 9,390
Various Eateries PLC
Notes to the Financial Statements
for the 26 weeks ended 2 April 2023
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 2 April
2023 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 2 October 2022, 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 27 June 2023. The unaudited interim financial
information for the 26 weeks ended 3 April 2022 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
2 October 2022. The information for the 52 weeks ended 2 October 2022 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 2 April 2023 Restaurant segment Hotel segment Other unallocated Total
£ 000 £ 000 £ 000 £ 000
Revenue 18,983 1,590 5 20,578
Trading sites EBITDA (IAS 17) 1,540 153 (3,575) (1,882)
Pre Opening costs (460) - - (460)
Impact of IFRS 16 896 647 310 1,853
Total EBITDA (IFRS 16) 1,976 800 (3,265) (489)
Depreciation & Amortisation - - (2,638) (2,638)
Profit / (loss) on disposal of assets and leases - - (37) (37)
Financing costs - - (1,085) (1,085)
Share based payments - - (51) (51)
Profit / (loss) before tax 1,976 800 (7,076) (4,300)
Tax - - - -
Profit / (loss) for the period 1,976 800 (7,076) (4,300)
26 weeks ended 3 April 2022 Restaurant segment Hotel segment Other unallocated Total
£ 000 £ 000 £ 000 £ 000
Revenue 16,078 1,652 12 17,742
Trading sites EBITDA (IAS 17) 2,268 435 (2,568) 135
Pre Opening costs (645) - - (645)
Impact of IFRS 16 965 618 - 1,583
Total EBITDA (IFRS 16) 2,588 1,053 (2,568) 1,073
Depreciation & Amortisation - - (2,303) (2,303)
Financing costs - - (921) (921)
Share based payments - - (423) (423)
Profit / (loss) before tax 2,588 1,053 (6,215) (2,574)
Tax - - - -
Profit / (loss) for the period 2,588 1,053 (6,215) (2,574)
3 Segmental reporting (continued)
52 weeks ended 2 October 2022 Restaurant segment Hotel segment Other unallocated Total
£ 000 £ 000 £ 000 £ 000
Revenue 36,523 4,086 58 40,667
Trading site EBITDA (IAS 17) 4,692 1,050 (5,161) 581
Pre Opening costs (734) - (21) (755)
Impact of IFRS 16 1,819 1,275 - 3,094
Total EBITDA 5,777 2,325 (5,182) 2,920
Depreciation & Amortisation - - (4,702) (4,702)
Profit / (loss) on disposal of assets and leases - - (54) (54)
Impairments - - (2,543) (2,543)
Financing costs - - (2,006) (2,006)
Share based payments - - (830) (830)
Loss before tax 5,777 2,325 (15,317) (7,215)
Tax - - - -
Loss for the period 5,777 2,325 (15,317) (7,215)
4 Financing costs
26 weeks ended 2 April 2023 26 weeks ended 3 April 2022 52 weeks ended 2 October 2022
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Financing costs on bank overdraft and borrowings 371 296 661
Lease liability interest 714 625 1,344
Foreign exchange loss - - 1
1,085 921 2,006
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 2 April 2023 26 weeks ended 3 April 2022 52 weeks ended 2 October 2022
Unaudited Unaudited Audited
Loss for the year after tax (£ 000) (4,300) (2,574) (7,215)
Basic and diluted weighted average number of shares 82,143,398 82,143,398 82,143,398
Basic loss per share (pence) (5.2) (3.1) (8.8)
Diluted loss per share (pence) (5.2) (3.1) (8.8)
6 Intangible assets
Brand Goodwill Trademarks, patents & licenses Total
£ 000 £ 000 £ 000 £ 000
Cost or valuation
At 3 October 2021 2,912 26,019 25 28,956
Additions - - - -
At 3 April 2022 2,912 26,019 25 28,956
Additions - - - -
At 2 October 2022 2,912 26,019 25 28,956
Additions - - - -
At 2 April 2023 2,912 26,019 25 28,956
Amortisation
At 3 October 2021 2,724 13,391 - 16,115
Amortisation 32 - - 32
At 3 April 2022 2,756 13,391 - 16,147
Amortisation 32 - - 32
Impairment - 1,563 - 1,563
At 2 October 2022 2,788 14,954 - 17,742
Amortisation 31 - - 31
At 2 April 2023 2,819 14,954 - 17,773
Carrying amount
At 3 April 2022 156 12,628 25 12,809
At 2 October 2022 124 11,065 25 11,214
At 2 April 2023 93 11,065 25 11,183
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 3 October 2021 29,215 2,294 9,814 6,003 1,336 1,583 50,245
Additions 3,506 - 619 589 2,867 115 7,696
Lease modifications (206) - - - - - (206)
Disposals - - - (2) - - (2)
Transfers - - 863 252 (1,141) 26 -
At 3 April 2022 32,515 2,294 11,296 6,842 3,062 1,724 57,733
Additions 3,026 - 4,862 1,702 (2,282) 380 7,688
Lease modifications 2,332 - - - - - 2,332
Disposals (285) - - (1) (74) (2) (362)
Transfers - - 135 (8) (133) 6 -
At 2 October 2022 37,588 2,294 16,293 8,535 573 2,108 67,391
Additions 985 - 1 273 3,442 40 4,741
Disposals - - - - (37) - (37)
Lease modifications (78) - - - - - (78)
Transfers - - 550 427 (1,018) 41 -
At 2 April 2023 38,495 2,294 16,844 9,235 2,960 2,189 72,017
Depreciation
At 3 October 2021 8,491 - 1,756 3,091 - 1,015 14,353
Charge for the period 1,098 - 396 652 - 126 2,272
Eliminated on disposal - - - (2) - - (2)
At 3 April 2022 9,589 - 2,152 3,741 - 1,141 16,623
Charge for the period 1,188 - 337 699 - 142 2,366
Eliminated on disposal (278) - - - - (1) (279)
Impairment loss 980 - - - - - 980
At 2 October 2022 11,479 - 2,489 4,440 - 1,282 19,690
Charge for the period 1,252 - 473 727 - 155 2,607
Eliminated on disposal - - - - - - -
At 2 April 2023 12,731 - 2,962 5,167 - 1,437 22,297
Carrying amount
At 3 April 2022 22,926 2,294 9,144 3,101 3,062 583 41,110
At 2 October 2022 26,109 2,294 13,803 4,095 573 826 47,701
At 2 April 2023 25,764 2,294 13,882 4,068 2,960 752 49,720
8 Trade and other receivables
2 April 2023 3 April 2022 2 October 2022
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Trade receivables 126 210 204
Prepayments 626 457 907
Other debtors 1,045 1,151 1,452
1,797 1,818 2,563
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
2 April 2023 3 April 2022 2 October 2022
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Trade payables 1,267 1,819 2,232
Accrued expenses 3,664 4,828 3,805
Social security and other taxes 914 313 1,363
Other payables 1,603 1,231 1,194
7,448 8,191 8,594
10 Loans and borrowings
2 April 2023 3 April 2022 2 October 2022
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Current borrowings
Borrowings from related parties 3,006 12,584 12,707
Lease liabilities 3,003 2,987 2,826
6,009 15,571 15,533
2 April 2023 3 April 2022 2 October 2022
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Non-current interest bearing loans and borrowings
Borrowings from related parties 9,908 - -
Lease liabilities 29,289 24,588 29,244
39,197 24,588 29,244
Borrowings from related parties classed as payable within 12 months includes
one deep discounted bond instrument issued by VEL Property Holdings Limited.
The other, which is issued by Various Eateries Trading Limited, is classed as
payable after 12 months.
The deep discounted bond instrument issued by VEL Property Holdings Limited
was issued on 14 January 2023, the subscription amount was £2,791,022, the
nominal value £2,901,745, and the final redemption date is 14 July 2023. The
discount is recognised on a straight-line basis between subscription and
redemption date, resulting in £47,715 of accrued financing costs as at the
reporting date.
The deep discounted bond instrument issued by Various Eateries Trading Limited
was issued in September 2020 as part of a capital restructure, with a
subscription price of £9,515,172, a nominal value of £10,001,397, and a term
of 12 months. The discount is recognised between subscription and redemption
date resulting in £468,860 of accrued financing costs at the reporting date.
The balance of £607,688 under the August 2019 loan agreement bears cash
settled interest at 3.75% above LIBOR. Of this amount, £215,351 of this
matures in October 2023, with the remaining £392,337 maturing in April 2024.
The unsecured loan of £392,337 which was entered into by Various Eateries
Trading Limited in August 2019, has been extended so that it will now expire
on 15 April 2024. The loan is provided by Andy Bassadone's company Anella
Limited. Interest accrues at 3.75% above LIBOR (now SONIA) per annum.
11 Share based payments
As at 2 April 2023, the Group maintained three separate share based payment
scheme for employee remuneration (2022: three):
· Various Eateries Company Share Option Plan ("CSOP Scheme 2")
· Various Eateries Company Share Option Plan ("CSOP Scheme 3")
· Various Eateries Company Share Option Plan ("CSOP Scheme 4")
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 £51,000 (2022:
£423,000) has been recognised in the income statement by the Group in the 26
week period ended 2 April 2023.
During the period, 250,000 options were granted into the CSOP scheme to
certain directors and PDMRs of the Company.
12 EBITDA Reconciliation
26 weeks ended 2 April 2023 26 weeks ended 3 April 2022 52 weeks ended 2 October 2022
Unaudited Unaudited Unaudited
£ 000 £ 000 £ 000
Revenue 20,578 17,742 40,667
Loss before tax (4,300) (2,574) (7,215)
Net financing costs 1,085 921 2,006
Impairment - - 2,543
Depreciation and amortisation 2,638 2,304 4,702
Loss on disposal of property, plant and equipment 37 - 54
Authorised Guarantee Agreements provision - - -
EBITDA before exceptional costs (540) 651 2,090
Pre-opening costs 460 645 755
Share-based payments 51 423 830
Non-trading sites - 27 (144)
Adjusted EBITDA (IFRS 16) (29) 1,746 3,531
Adjustment for rent expense (1,853) (1,356) (3,094)
Adjusted EBITDA before impact of IFRS 16 (1,882) 390 437
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. END IR FFFEVRIIDFIVRecent news on Various Eateries
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