Various Eateries expects full-year profit and sales ahead of forecast

Various Eateries PLC on Monday said the warm weather helped like-for-like sales pick up in the second half of the financial year after a subdued start.

In response, shares in the London-based operator of restaurant, clubhouse and hotel sites under the Coppa Club and Noci brands shot up 20% at 11.97 pence each in London on Monday.

In a trading update, the company said it expects revenue to rise 6% to £52.4 million for the financial year to September 28 from £49.5 million the year prior, ahead of market expectations for £50.7 million.

It forecast ‘record’ adjusted earnings before interest, tax, depreciation and amortisation of ‘at least’ £1.1 million, up from £300,000 a year earlier, and beating the market view of £400,000.

The was despite taking a £1.3 million hit from minimum wage and national insurance increases in the financial year.

Various Eateries said like-for-like sales grew 4% in the second half of the financial year, and 2% across the full year, improving from flat in the first half, supported by favourable summer weather and menu enhancements.

Operational improvements and tighter cost control helped drive the record profitability and that momentum has continued into the new financial year, the firm added.

Chief Executive Officer Mark Loughborough said the backdrop ‘remains challenging’, but the company is becoming ‘more efficient and resilient.’

‘The strength of our core brands and the breadth of our offer provide resilience and position us well to continue navigating a challenging market,’ the firm added.

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