REG - Various Eateries PLC - Half Year Results
27/06/2024 07:00
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RNS Number : 0491U Various Eateries PLC 27 June 2024
27 June 2024
VARIOUS EATERIES PLC
("Various Eateries" or "the Company"
and with its subsidiaries "the Group")
Half Year Results
For the 26-week period to 31 March 2024
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 31 March 2024.
Financial Highlights
· Revenue growth of 10.2% to £22.7m (H1 2023: £20.6m), largely driven by new
site openings
· Gross profit increase of 138.2% to £1.3m (H1 2023: £0.6m), driven by cost
savings and efficiencies
· Adjusted EBITDA loss of £1.2m (H1 2023: loss of £1.9m)
· Cash at bank of £7.2m (H1 2023: £3.1m)
· Net cash of £4.2m (H1 2023: net debt of £9.8m)
Operational Highlights
· Solid performance despite adverse weather, train strikes and economic
conditions, with Like-for-Like revenues slightly down
· Maintained our strategy of absorbing most cost increases to strengthen our
long-term position
· Enhanced customer experience through site improvements and menu updates
Post-Period Highlights
· The significant increase in minimum wage has impacted margins and has
partially been offset by food and utilities inflation which has fallen year on
year
· Successful openings of Noci Richmond and Coppa Club Townhouse Cardiff
· Performance at the start of H2 has been steady, although we are yet to
experience any real consistency in the weather
Andy Bassadone, Executive Chairman of Various Eateries, said:
"In a tough trading environment compounded by poor weather, the performance of
the Group has been resilient, and I thank our whole team for their efforts.
The opening weeks at our two latest sites are satisfying and demonstrate the
continued strength of and demand for the Coppa Club and Noci concepts.
Alongside this, the work that has been done to enhance existing Coppa sites
positions us well to capitalise on the important summer trading months.
The majority of the Company's larger sites deliberately have large and
attractive outside spaces, which generate a considerable extra volume of trade
in warm weather. The Company's full year budgets therefore reflect an
expectation that, at some point, we will experience a reasonable version of
summer this year, rather than the inconsistent weather we've seen so far.
With the welcome signs that inflationary pressures are continuing to fall, a
growing estate of high-quality sites and increasingly robust organisational
infrastructure, I remain confident in the long-term opportunity."
Enquiries
Various Eateries plc
Via Alma
Andy Bassadone Executive Chairman
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
Darshan Patel
Alma Strategic Communications Financial PR Tel: +44 (0)20 3405 0205
David Ison variouseateries@almastrategic.com (mailto:variouseateries@almastrategic.com)
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 is led by a highly experienced senior team including Hugh Osmond
(Founder), Andy Bassadone (Executive Chairman) and Sharon Badelek (CFO).
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, 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/)
Executive Chairman's Review
Like-for-Like revenues were slightly down on last year, primarily due to an
unseasonably wet winter and the Company continuing to adhere to its strategy
of absorbing most cost increases rather than passing them on to customers.
While this strategy temporarily puts pressure on margins, it is management's
belief that prioritising customer satisfaction over short-term profits will
position the Group for significant growth when conditions improve.
As the Company continues its strategy to absorb price rises without passing
them on to customers, it has been encouraging to see food and utility costs
continue to gradually fall. The benefits of this have, however, been tempered
somewhat by the impact of the minimum wage increase in April, which has been
felt across the industry.
Despite this, we have continued to make good strategic progress and are
generally satisfied with the performance of the Group and its brands given the
mitigating circumstances.
Executing on our growth strategy
Our strategy continues to revolve around the expansion of our distinctive Noci
and Coppa Club brands, which both fill specific gaps in the market.
As previously reported, we were thrilled to open two new sites in the period,
Noci Richmond and Coppa Club Townhouse Cardiff. Both welcomed guests for the
first time in May 2024 and we are pleased by the progress made by both in
their first weeks.
Noci Richmond, the brand's fourth site since opening in Islington in 2022, is
situated on the popular Richmond Hill, just a short walk from the river. As
our prior experience shows, its popularity will continue to increase as the
brand grows and word of mouth spreads.
Coppa Club Cardiff, the brand's third Townhouse, has enjoyed some outstanding
trading weeks. Its location in the heart of the city near the Principality
Stadium, the quality of food and service, and its strong start give us
confidence in the site's prospects.
The pipeline for new sites is strong and we continue to see many prime
opportunities for expansion. Management will continue to be cautious and
thorough in its approach to growing the estate, with long-term, sustainable
success the priority.
Continuing to enhance our proposition
Much hard work took place in the period to enhance our existing sites in
preparation for the summer trade, including the refurbishment of outdoor
terrace areas. We anticipate that these new spaces will support revenue over
the warmer months, with additional footfall expected from major international
sports events.
Quality food has always been at the heart of Various Eateries. During the
year, we continued to work diligently to enhance our menus while working
closely with suppliers to incorporate a stronger seasonal component. As well
as fresher food, it is also typically more cost effective.
The enhancements to our menus have been coupled with a renewed focus on
consistency of delivery across the Group, which we see as an important step to
ensure customers continue to return again and again.
Solid half-year results in context
Sales grew by 10.2% across the Group compared to the same period last year,
largely driven by new site openings. Gross profit increased by 138.2%,
highlighting the success of cost savings and efficiencies relating to
colleagues and suppliers.
Following the successful placing in December 2023, the Group's financial
position remains strong, with cash at bank of £7.2m as at 31 March 2024 (H1
2023: £3.1m).
The higher minimum wage has had a significant impact on staff costs, with pay
rises occurring across the business. In response, we continue to be proactive
in our efforts to uncover cost-saving opportunities, leveraging technology
where possible. We have recently introduced at-table ordering at some sites
and are working on several further initiatives we expect to improve efficiency
while simultaneously enhancing the customer experience.
We continued to see the effects of the cost-of-living crisis in customer
spending patterns in the period but, encouragingly, higher priced items such
as lobster have remained consistently popular, indicating that our typical
customer continues to have more expendable income.
Focus on colleague development and procurement excellence
During the first half, we made good progress in upskilling and strengthening
operational management.
Investing in colleague training is a key focus area, driven in a large part by
our new People Director. In a competitive and dynamic industry such as ours,
it is crucial to ensure our workforce is motivated and equipped to deliver the
best possible service.
We also hired a new Head of Procurement in May 2024, who has begun a process
to deepen the work we have undertaken to ensure menus are comprised of
in-season and, where possible, local produce. This is expected to have an
incrementally positive impact on costs moving forward.
Optimistic outlook despite challenging conditions
An unseasonably wet winter hampered performance at the start of the year but
trading remained resilient and, with the enhancements made in the first half,
we are confident moving into the important warmer trading months.
Despite the abiding inflationary pressures being experienced in the
hospitality sector, we are encouraged by their gradual easing and remain
optimistic that this trend will continue through the second half.
Performance at the start of H2 has been steady and, while our full year
budgets reflect an expectation that the weather improves somewhat as the
summer progresses, the business is in a healthy position and its long-term
prospects remain sound
Various Eateries PLC
Consolidated Statement of Comprehensive Income
for the 26 weeks ended 31 March 2024
26 weeks ended 31 March 2024 26 weeks ended 2 April 2023 52 weeks ended 1 October 2023
Unaudited Unaudited Audited
Note £ 000 £ 000 £ 000
Revenue 22,676 20,578 45,495
Cost of sales (21,330) (20,013) (43,597)
Gross profit / (loss) 1,346 565 1,898
Central staff costs (1,748) (1,745) (3,426)
Share-based payments 11 (139) (51) (69)
Gain on early surrender of lease - - 899
Loss on disposal of assets and leases - (37) (37)
Other expenses (1,860) (1,947) (3,472)
Operating loss (2,401) (3,215) (4,207)
Finance income - - -
Financing costs 4 (1,462) (1,085) (2,470)
Loss before tax (3,863) (4,300) (6,677)
Tax - - -
Loss for the period (3,863) (4,300) (6,677)
Earnings per share
Basic loss per share (pence) 5 (2.3) (5.2) (8.1)
Diluted loss per share (pence) 5 (2.3) (5.2) (8.1)
Various Eateries PLC
Consolidated Statement of Financial Position
As at 31 March 2024
31 March 2024 2 April 2023 1 October 2023
Unaudited Unaudited Audited
Note £ 000 £ 000 £ 000
Non-current assets
Intangible assets 6 11,121 11,183 11,152
Right-of-use assets 7 24,728 25,764 24,873
Other property, plant and equipment 7 25,338 23,956 25,397
61,187 60,903 61,422
Current assets
Inventories 1,089 899 1,078
Trade receivables 8 111 126 154
Other receivables 8 1,902 1,671 2,082
Cash and bank balances 7,220 3,111 1,902
10,322 5,807 5,216
Total assets 71,509 66,710 66,638
Current liabilities
Trade and other payables 9 (8,156) (7,448) (10,089)
Borrowings 10 (6,501) (6,009) (16,802)
Net current (liabilities) / assets (4,335) (7,650) (21,675)
Total assets less current liabilities 56,852 53,253 39,747
Non-current liabilities
Borrowings 10 (27,763) (39,197) (28,049)
Provisions (357) (357) (358)
Total non-current liabilities (28,120) (39,554) (28,407)
Total liabilities (42,777) (53,011) (55,298)
Net assets 28,732 13,699 11,340
Equity
Share capital 1,750 890 890
Share premium 72,540 52,284 52,284
Merger reserve 64,736 64,736 64,736
Other reserves (5,012) (5,012) (5,012)
Retained earnings (105,282) (99,199) (101,558)
Total shareholder funds 28,732 13,699 11,340
Various Eateries PLC
Consolidated Statement of Changes in Equity
for the 26 weeks ended 31 March 2024
Called-up share capital Share premium account Merger reserve Employee benefit trust reserve Retained earnings Total
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000
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
At 2 April 2023 890 52,284 64,736 (5,012) (99,199) 13,699
Share-based payments - - - - 18 18
Loss for the period - - - - (2,377) (2,377)
At 1 October 2023 890 52,284 64,736 (5,012) (101,558) 11,340
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
Various Eateries PLC
Consolidated Statement of Cash Flows
for the 26 weeks ended 31 March 2024
26 weeks ended 31 March 2024 26 weeks ended 2 April 2023 52 weeks ended 1 October 2023
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Cash flows from operating activities
Loss for the year (3,863) (4,300) (6,677)
Adjustments to cash flows from non-cash items:
Depreciation and amortisation 2,723 2,638 5,571
Gain on early surrender of lease - - (899)
Loss on disposal and surrender of leases - 37 37
Share-based payments 139 51 69
Finance income - - -
Finance costs 1,462 1,085 2,470
461 (489) 571
Working capital adjustments:
Increase in inventories (14) (91) (270)
(Increase) / decrease in trade and other receivables 210 403 327
(Increase) / decrease in accruals, trade and other payables (1,563) (949) 1,454
Net cash flow from operating activities (906) (1,126) 2,082
Cash flows from investing activities
Interest received - - -
Purchases of property plant and equipment (1,408) (3,755) (6,845)
Proceeds on disposal of property plant and equipment - - -
Costs on issue of shares - - -
Net cash flows from investing activities (1,408) (3,755) (6,845)
Cash flows from financing activities
Interest paid (901) (714) (1,627)
Proceeds from issue of shares 9,707 - -
Principal elements of lease payments (1,174) (684) (1,098)
Net cash flows from financing activities 7,632 (1,398) (2,725)
(Decrease) / increase in cash 5,318 (6,279) (7,488)
Opening cash at bank and in hand 1,902 9,390 9,390
Closing cash at bank and in hand 7,220 3,111 1,902
Various Eateries PLC
Notes to the Financial Statements
for the 26 weeks ended 31 March 2024
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 31 March
2024 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 1 October 2023, 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 26 June 2024. The unaudited interim financial
information for the 26 weeks ended 31 March 2024 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
1 October 2023. The information for the 52 weeks ended 1 October 2023 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 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)
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)
3 Segmental reporting (continued)
52 weeks ended 1 October 2023 Restaurant segment Hotel segment Other unallocated Total
£ 000 £ 000 £ 000 £ 000
Revenue 41,437 4,025 33 45,495
Trading site EBITDA (IAS 17) 2,859 1,162 (6,210) (2,189)
Pre Opening costs (809) - (77) (886)
Exceptional costs - - (126) (126)
Non-trading sites income 27 - - 27
Impact of IFRS 16 2,492 1,253 - 3,745
Share-based payments - - (69) (69)
Total EBITDA 4,569 2,415 (6,482) 502
Depreciation & Amortisation - - (5,571) (5,571)
Profit / (loss) on disposal of assets and leases - - (37) (37)
Gain on early surrender of lease - - 899 899
Financing costs - - (2,470) (2,470)
Loss before tax 4,569 2,415 (13,661) (6,677)
Tax - - - -
Loss for the period 4,569 2,415 (13,661) (6,677)
4 Financing costs
26 weeks ended 31 March 2024 26 weeks ended 2 April 2023 52 weeks ended 1 October 2023
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Financing costs on bank overdraft and borrowings 562 371 897
Lease liability interest 900 714 1,573
1,462 1,085 2,470
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 31 March 2024 26 weeks ended 2 April 2023 52 weeks ended 1 October 2023
Unaudited Unaudited Audited
Loss for the year after tax (£ 000) (3,863) (4,300) (6,677)
Basic and diluted weighted average number of shares 168,180,186 82,143,398 82,143,398
Basic loss per share (pence) (2.3) (5.2) (8.1)
Diluted loss per share (pence) (2.3) (5.2) (8.1)
6 Intangible assets
Brand Goodwill Trademarks, patents & licenses Total
£ 000 £ 000 £ 000 £ 000
Cost or valuation
At 2 October 2022 2,912 26,019 25 28,956
Additions - - - -
At 2 April 2023 2,912 26,019 25 28,956
Additions - - - -
At 1 October 2023 2,912 26,019 25 28,956
Additions - - - -
At 31 March 2024 2,912 26,019 25 28,956
Amortisation
At 2 October 2022 2,788 14,954 - 17,742
Amortisation 31 - - 31
At 2 April 2023 2,819 14,954 - 17,773
Amortisation 31 - - 31
At 1 October 2023 2,850 14,954 - 17,804
Amortisation 31 - - 31
At 31 March 2024 2,881 14,954 - 17,835
Carrying amount
At 2 April 2023 93 11,065 25 11,183
At 1 October 2023 62 11,065 25 11,152
At 31 March 2024 31 11,065 25 11,121
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 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
Additions 237 - 653 662 1,749 25 3,326
Lease modifications 118 - - - - - 118
Disposals (1,228) - - - 7 - (1,221)
Transfers - - 3,754 237 (4,119) 128 -
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
Depreciation
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
Charge for the period 1,247 138 581 775 - 161 2,902
Eliminated on disposal (1,229) - - - - - (1,229)
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
Carrying amount
At 2 April 2023 25,764 2,294 13,882 4,068 2,960 752 49,720
At 1 October 2023 24,873 2,156 17,708 4,192 597 744 50,270
At 31 March 2024 24,728 2,137 17,196 3,757 1,621 627 50,066
8 Trade and other receivables
31 March 2024 2 April 2023 1 October 2023
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Trade receivables 111 126 154
Prepayments 719 626 946
Other debtors 1,183 1,045 1,136
2,013 1,797 2,236
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
31 March 2024 2 April 2023 1 October 2023
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Trade payables 1,445 1,267 3,107
Accrued expenses 4,023 3,664 4,205
Social security and other taxes 950 914 1,400
Other payables 1,738 1,603 1,377
8,156 7,448 10,089
10 Loans and borrowings
31 March 2024 2 April 2023 1 October 2023
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Current borrowings
Borrowings from related parties 3,018 3,006 13,511
Lease liabilities 3,483 3,003 3,291
6,501 6,009 16,802
31 March 2024 2 April 2023 1 October 2023
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Non-current interest bearing loans and borrowings
Borrowings from related parties - 9,908 -
Lease liabilities 27,763 29,289 28,049
27,763 39,197 28,049
10 Loans and borrowings (continued)
Borrowings from related parties classed as payable within 12 months includes
one deep discounted bond instrument issued by VEL Property Holdings Limited
until 1 October 2023 where the non-current deep discounted bond issued by
Various Eateries Trading Limited was reclassed to current.
The deep discounted bond instrument issued by VEL Property Holdings Limited
was rolled in 2023 with a new redemption date of 14 July 2023. 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 1 October 2023 and 31 March 2024 is
£2,902,000. The discount is recognised on a straight-line basis between
subscription and redemption date, resulting in £51,000 of accrued financing
costs as at the reporting date.
The deep discounted bond instrument issued by Various Eateries Trading Limited
was rolled for 12 months in February 2023 with a redemption date of April
2024. The nominal value at 1 October 2023 is £10,001,000 and at 31 March 2024
is £nil as the loan was repaid in full through proceeds of a share issue in
December 2023.
11 Share based payments
As at 31 March 2024, 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 £139,000
(2023: £51,000) has been recognised in the income statement by the Group in
the 26 week period ended 31 March 2024.
During the period, 13,483,180 options were granted into the CSOP scheme to
certain directors and PDMRs of the Company. 7,517,816 options were cancelled.
12 EBITDA Reconciliation
26 weeks ended 31 March 2024 26 weeks ended 2 April 2023 52 weeks ended 1 October 2023
Unaudited Unaudited Unaudited
£ 000 £ 000 £ 000
Revenue 22,676 20,578 45,495
Loss before tax (3,863) (4,300) (6,677)
Net financing costs 1,462 1,085 2,470
Impairment - - -
Depreciation and amortisation 2,723 2,638 5,571
Gain on early surrender of lease - - (899)
Loss on disposal of property, plant and equipment - 37 37
Authorised Guarantee Agreements provision - - -
EBITDA before exceptional costs 322 (540) 502
Pre-opening costs 203 460 886
Share-based payments 139 51 69
Non-trading sites - - (27)
Exceptional costs 6 - 126
Adjusted EBITDA (IFRS 16) 670 (29) 1,556
Adjustment for rent expense (1,910) (1,853) (3,745)
Adjusted EBITDA before impact of IFRS 16 (1,240) (1,882) (2,189)
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. END IR GZGZVLVNGDZMRecent news on Various Eateries
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