Coppa Club owner reports H1 group revenue of £17.8m
Coppa Club owner Various Eateries has reported total group revenue of £17.8m, up 439% year-on-year, driven by new site openings and fewer Covid restrictions.
In its unaudited interim results for the 26 weeks to 3 April 2022, the group – which has 15 sites under the Coppa Club, Tavolino and Noci brands – filed adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £1.7m, and a loss after tax of £2.6m, against a £3.2m loss in the first half of 2021. The business said trading was in line with its expectations for the full year.
Although Covid-related 'Plan B' measures impacted the Christmas period, and therefore its first half results, Various Eateries said it saw a steady recovery after measures were lifted, with particularly excellent hotel performance with average room rate and occupancy both up, driven by strong demand for weddings and other large gatherings.
Post-period, Coopa Club's like-for-like sales for the 11 weeks to 19 June 2022 were up 2% versus 2019, "reflecting encouraging booking momentum", and like-for-like hotel room revenues were particularly strong, up 19% on 2019, driven by average room rate.
Coppa Club Haslemere opened in May, with "encouraging" initial trade, while Coppa Club Bath is set to open later this summer, with several other sites in advanced negotiation.
Yishay Malkov, chief executive of Various Eateries, said: "Outside of the impact of the 'Plan B' measures over the festive period, which affected the entire industry, we are pleased with the performance, with trading remaining resilient despite the challenging macro-economic environment. It makes me very proud to see customers continuing to come through our venues' doors throughout each day, receiving quality food, drink and service from our fantastic teams.
"We have been prudent in the careful execution of our strategy; choosing sites for expansion that we are confident will perform well. This has been successful, with new sites Coppa Club Putney and Noci delivering encouraging performances in their first few months. Our pipeline of potential new venues is exciting, with clear growth opportunities.
"The performance of our group so far is testament to the strength of our brands and our ability to weather external challenges, and this, together with the experience of our central team, underpins our confidence looking forward."
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