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Various Eateries PLC on Thursday reported a surge in revenue as its hotels delivered a ‘strong’ performance due to demand for weddings and other large gatherings.
Various Eateries is a London-based chain of restaurants, clubhouses and hotels such as Coppa Club.
For the 26-week period ended on April 3, the company's pretax loss narrowed to £2.6 million from £3.2 million. It reported an adjusted earnings before interest, taxes, depreciation, and amortisation of £1.7 million, swinging from a loss of £2.5 million a year ago.
This was on revenue which multiplied to £17.8 million from £3.3 million during the same period a year prior, driven by new site openings.
‘The group is now benefiting from nine regional Coppa Clubs, which have overall performed in line with management expectations. The group's hotels have delivered a particularly strong performance with average room rate and occupancy both up significantly driven by strong demand for weddings and other large gatherings,’ the company explained.
Chief Executive Officer Yishay Malko said: ‘Outside of the impact of the [Covid-19] '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.’
The company also said its like-for-like hotel room revenue was particularly strong, up 19% on 2019 driven by average room rate. ‘Currently trading in line with market expectations for the full year,’ it noted.
Various Eateries opened Coppa Club Putney and Noci, a new pasta-only concept, in Islington, London.
The company says it's currently focused on sourcing premium venues which are larger than average and have sizeable outdoor spaces, and can therefore be used for several purposes throughout the day.
Various Eateries shares were down 0.8% at 48.10 pence each on Thursday morning in London.
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