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Morning Briefing for pub, restaurant and food wervice operators

Sat 6th May 2017 - Cote reports turnover increases 12.5% to £121.5m
Cote reports turnover increases 12.5% to £121.5m: French brasserie Cote has reported turnover increased by 12.5% to £121,541,000 for the year ending 31 July 2016 compared with £108,042,000 the previous year. During the period the company opened a further 15 restaurants with a further venue under construction at the period end. At the end of April 2017 the company had 86 restaurants trading with builders onsite at another two locations. Adjusted Ebitda fell to £17.9m compared with £20.1m the year before. Gross profit increased to £52,774,000 compared with £50,998,000 the year before. Pre-tax profit was down to £10,013,000 compared with £13,892,000 the previous year. The company stated: “The company achieved period-on-period revenue growth of 12.5%. It should be noted the comparative period had 53 weeks and therefore an extra week of trading. During the period the company invested in a reward and incentivisation scheme for its restaurant teams to ensure they are among the best remunerated in the sector. This will enhance service and drive sustainable growth for the long term. Consequently administration expenses have increased to £42.8m (2015: £37.1m). The company is continuing to focus on its expansion within the UK for the foreseeable future. The group bank facilities include a £20m capex facility to help continue to grow the business and open new restaurants. In addition the company generates cash and will continue to use retained earnings to finance some of the fixed assets expenditure expected with these new openings. The company expects to open a similar number of sites in the next financial period.”


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