Azzurri Group reports strong growth against a challenging backdrop
The Azzurri Group, owner of Zizzi, ASK Italian, Coco di Mama and Radio Alice, reports strong performance and like-for-like growth.
The group announced its financial results today for the year ended 2 July 2017. It said the group had seen "an overall strong performance against a more challenging backdrop", driven by continued investment, menu innovation and increased sales from delivery.
Steve Holmes, chief executive of the Azzurri Group, said: "Takeaway and home delivery is becoming increasingly important for Azzurri's brands… Last year we increased our sales both through Deliveroo and owned channels, and we have since invested significantly in developing state-of-the-art takeaway packaging for Zizzi."
Sales increased by 12.5% year on year to £262.8m, with "good" like-for-like growth; the fifth consecutive year of like-for-like and EBITDA growth for Zizzi and ASK Italian. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 8.6% to £38m.
Overall the group saw 17 new site openings and 31 refurbishments, bringing the group's total number of sites to 280. Across the brands, it said Zizzi achieved above market like-for-like revenue and profit, ASK Italian saw particularly strong performances from new and refurbished sites, and 2016 saw the launch of Radio Alice, which it says has been "well received".
Holmes added: "The strength and awareness of Coco di Mama is increasing, and the new openings outside Coco di Mama's City heartland in Piccadilly and Westminster suggest it has potential for growth beyond London.
"Azzurri has begun the new financial year with good momentum and positive trading despite the challenging environment. We see opportunities for all our brands to expand further in the UK, and have a strong pipeline of new sites for the year ahead."
Radio Alice to open in Clapham >>
ASK Italian to launch three new sites >>
Zizzi announces four new UK restaurants and entry into Ireland >>
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