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Various Eateries PLC - London-based chain of restaurants, clubhouses and hotels such as Coppa Club - Posts revenue of £20.6 million for the six months ended on April 2, up 16% from £17.7 million the year before. Says it is ‘pleased with the revenue performance, particularly given the challenging economic environment, disruptions from train strikes, and an unseasonably wet and dull spring’. Pretax loss, however, widens to £4.3 million from £2.6 million, as operating loss widens to £3.2 million from £1.7 million the year before. Staff costs increase to £1.7 million from £1.3 million. Chair Andy Bassadone says: ‘A squeeze on margins of this scale is unprecedented in my thirty-five years’ experience in the hospitality industry. Even though we were anticipating a significant downturn, the actual rise in input costs has been much higher and far more sustained than the industry anticipated.’ Looking ahead, the firm expects full year sales to be broadly in line with market expectations despite uncertainty around the summer trading period. Current stock price: 32.00 pence each, down 20% on Wednesday afternoon in London 12-month change: down 29% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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