Various Eateries H1 lfl revenues down on back of wet weather and cost increases: Various Eateries, the Hugh Osmond-backed business, has reported that its like-for-like revenues for the 26-week period ending 31 March 2024 were slightly down on last year, primarily due to an unseasonably wet winter and the company continuing to adhere to its strategy of absorbing most cost increases rather than passing them on to customers. The Coppa Club and Noci operator reported revenue growth of 10.2% to £22.7m (H1 2023: £20.6m), largely driven by new site openings. It saw a gross profit increase of 138.2% to £1.3m (H1 2023: £0.6m), driven by cost savings and efficiencies. At the same time, it reported an adjusted Ebitda loss of £1.2m (H1 2023: loss of £1.9m), while pre-tax loss for the period stood at £3.86m (H1 2023: loss of £4.3m). The company said it was a “solid performance despite adverse weather, train strikes and economic conditions”. The business said: “As the company continues its strategy to absorb price rises without passing them on to customers, it has been encouraging to see food and utility costs continue to gradually fall. The benefits of this have, however, been tempered somewhat by the impact of the minimum wage increase in April, which has been felt across the industry. Despite this, we have continued to make good strategic progress and are generally satisfied with the performance of the group and its brands given the mitigating circumstances. The pipeline for new sites is strong and we continue to see many prime opportunities for expansion. Management will continue to be cautious and thorough in its approach to growing the estate, with long-term, sustainable success the priority.” Since the period end the business has opened Noci Richmond and Coppa Club Townhouse Cardiff. It said that its performance at the start of H2 has been “steady, although we are yet to experience any real consistency in the weather”. It said: “Despite the abiding inflationary pressures being experienced in the hospitality sector, we are encouraged by their gradual easing and remain optimistic that this trend will continue through the second half. Performance at the start of H2 has been steady and, while our full year budgets reflect an expectation that the weather improves somewhat as the summer progresses, the business is in a healthy position and its long-term prospects remain sound.” Andy Bassadone, executive chairman of Various Eateries, said: “In a tough trading environment compounded by poor weather, the performance of the group has been resilient, and I thank our whole team for their efforts. The opening weeks at our two latest sites are satisfying and demonstrate the continued strength of and demand for the Coppa Club and Noci concepts. Alongside this, the work that has been done to enhance existing Coppa sites positions us well to capitalise on the important summer trading months. The majority of the company’s larger sites deliberately have large and attractive outside spaces, which generate a considerable extra volume of trade in warm weather. The company’s full year budgets therefore reflect an expectation that, at some point, we will experience a reasonable version of summer this year, rather than the inconsistent weather we’ve seen so far. With the welcome signs that inflationary pressures are continuing to fall, a growing estate of high-quality sites and increasingly robust organisational infrastructure, I remain confident in the long-term opportunity.”