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Tue 1st Mar 2016 - Caffe Nero reports 2.3% like-for-like growth, no corporation tax paid
Caffe Nero reports 2.3% like-for-like growth, no corporation tax paid: Caffe Nero has reported that it saw 2.3% like-for-like sales growth in the year to 31 May 2015. Sales grew 8.5% to £241.3m (2014: £222.4m). Gross profit increased 7% to £58.2m (2014: £54.4m), whilst store margin was broadly consistent at 24.1% (2014: 24.4%), and adjusted Ebitda increased by 6.3% to £41.1m (2014: £38.1m). Ebitda margin remained consistent at 17% (2014: 17.1%). Operating profit increased to £23.6m (2014: £23.5m) with operating margin decreasing slightly to 9.8% (2014: 10.6%). The company stated: “Last year, we continued the steady expansion of Caffe Nero. In the current year, we opened 36 stores and closed five resulting in a new increase of 31 stores or 5.6% of the overall estate. At the year-end, we had 571 stores operating in 246 UK and Irish towns an cities. The directors believe there is potential in the UK market for at least 750 Caffe Nero stores.” Individual store profit increased 7% in the year. Profit before tax was £23.6m compared to £23.5m the year before. The company plans 40 new openings in the current financial year. On taxation, the company stated: “The group’s income statement shows no corporation tax for the year. This is because the group is part of a wider group, the Rome Pikco Group, and corporate tax affairs are evaluated at this wider group level. The Rome Pikco Group generated a loss before tax of £28.4m and therefore no entity within the Rome Pikco Group was due to pay tax for the year. The Rome Pikco Group’s taxable loss arose due to third party, arm’s length payments to banks. The Rome Pikco Group has not included any of the interest payable to ultimate shareholder companies, only third party banks, in its corporation tax computations.” The highest paid director earned £455,000. Caffe Nero’s ultimate parent company is Rome Holdco Sarl, incorporated in Luxembourg. The majority shareholder in Rime Holdco Sarl is Saratago, which is incorporated in the Isle of Man. 


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