Various Eateries PLC (LSE:VARE) delivered a marked improvement in trading for the 52 weeks ended 28 September 2025, reporting a 6% increase in revenue to £52.4 million and a return to positive like-for-like sales growth of 2%. The operational turnaround translated into record adjusted EBITDA of £1.4 million, supported by a 64% rise in gross profit.
Management credited the improved performance to tighter operational discipline, stronger site-level leadership, and more effective control of costs and labour. A clearer strategic focus on the group’s core Coppa Club and Noci brands has also played a central role, underpinned by a strengthened senior team led by CEO Mark Loughborough. Momentum has carried into FY26, with like-for-like sales up 9% over the key festive trading period, alongside a healthier balance sheet reflecting higher cash levels and a net cash position.
Looking ahead, the group is positioning itself for its next phase of growth. Plans include selective expansion of Coppa Club, continued development of the Noci concept, and active consideration of complementary acquisition opportunities. These initiatives are supported by a more scalable operating platform, designed to underpin disciplined and sustainable long-term growth.
Despite the operational progress, the company’s outlook remains constrained by ongoing financial challenges, including persistent net losses and relatively high leverage. Technical indicators continue to point to bearish share price momentum, while valuation metrics highlight underlying profitability concerns. The absence of recent earnings call detail and limited corporate activity also temper near-term sentiment.
More about Various Eateries PLC
Various Eateries PLC is a UK-based hospitality group that owns, develops and operates restaurant, clubhouse and hotel venues. The group trades primarily under two core brands: Coppa Club, an all-day, multi-use concept combining restaurant, terrace, café, lounge, bar and workspace environments, and Noci, a modern, pasta-led restaurant offering high-quality food at accessible price points. Various Eateries operates 20 sites across the UK and focuses on delivering distinctive guest experiences through strong service, menu innovation and a scalable, brand-led estate.
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