Interim Results
Cooks Coffee Company - Interim Results
RNS Number : 9710M
Cooks Coffee Company Limited
21 November 2024
21 November 2024
Cooks Coffee Company Limited
("Cooks Coffee", or the "Company" or the "Group")
Interim Results
"Continued growth and move into Group profit for the period"
Cooks Coffee Company (NZX:CCC; AQUIS:COOK), the international coffee focused café chain, announces its results for the six months ended 30 September 2024.
Period Highlights
· Group revenues increased by 27% to NZ$2.74m (2024: NZ$2.16m)
· Group EBITDA for the period was NZ$0.826m compared to a loss of (NZ$0.011m) last year
· Company Net Profit before tax was NZ$0.53m compared to a loss of (NZ$0.32m) last year
· Total store sales in the UK increased by 36% to NZ$23.4m as the development in suburban areas and smaller market towns gained further momentum. Like for like sales in the UK were up +6.3%
· Total sales in Ireland increased +6% to NZ$10.4m. Like for like sales in Ireland were up +2.9%
· Overall store sales for UK & Ireland increased +26% to NZ$33.8m. Like for like sales were up +5.1%
· Operating stores at the end of September were 83 in UK & Ireland, up from 75 at the end of March 2024
· During the period NZ$0.2m of debt reduction has occurred, with interest costs reducing by NZ$0.08m compared to FY24
Post Period Events
Group store sales for the seven-week period to 17th November have maintained the positive momentum seen over the past six months with total store sales in the UK up 39.4% and in Ireland store sales up 17.9% compared to the previous year.
The Company remains dedicated to building the business based on ethical principles and community values. The Company was delighted with the achievement of the Caerphilly store in Wales in being awarded the best Ethical Café in Wales. This is an important recognition of the strong commitment the Company has to ethical practices.
Aiden Keegan, CEO of Cooks Coffee Company, commented: "The Board is very pleased to report a strong period of growth for the Group resulting in a profitable performance in the period. This is testament to the hard work of all our franchisees and strong offering that we provide. The Group continues to open new stores in desirable locations which will have all performed well to date.
"We are also delighted that the momentum experienced in the first half has continued and the Group expects to deliver a robust set of numbers for the full year."
Enquiries:
Cooks Coffee Company Limited
Keith Jackson (Executive Chairman)
+64 21 702 509 (New Zealand)
keith.jackson@cookscoffeecompany.com
Aiden Keegan (Chief Executive)
aiden@esquirescoffee.co.uk
+44 (0) 7980 608 440 (UK)
ukinvestorrelations@cookscoffeecompany.com
+44 (0) 20 3934 6630 (UK)
IFC Advisory Limited (Financial PR & IR)
Tim Metcalfe, Graham Herring, Florence Chandler
+44 (0) 20 3934 6630
cookscoffee@investor-focus.co.uk
Oberon Capital
Nick Lovering, Adam Pollock, Mike Seabrook
+44 (0) 20 3179 5300