Azzurri Group, which operates Zizzi, ASK Italian, Coco di Mama and Radio Alice, has revealed a positive set of financial results for the year ended 30 June 2019.
The results, which have been attributed to existing momentum with sales growth across all four brands, saw group sales increase by 7% year-on-year to £299.4m, driven by new openings in the UK, Republic of Ireland and China. All four brands saw like-for-like sales growth.
Adjusted EBITDA increased by 3%, from £37m to £38.1m. The group states that effective management of cost pressures across the casual dining sector are reflected in the slightly lower EBITDA margin of 12.7%, compared to 13.2% in the previous year.
“I am pleased to announce that 2019 was a good year for Azzurri, with growth in both revenue and profit,” says Steve Holmes, CEO of Azzurri Group. “We built on last year’s momentum as a leading operator in the Italian casual dining sector and expanded our presence in the food-to-go market. I am pleased that over the last year all four brands grew like-for-like sales
and increased their EBITDA and we have made good progress in rolling-out new restaurants.
“We have invested significantly in our estate both in the UK and internationally, with a further £20m of capital expenditure this year. Our number of sites now totals 311, with further estate expansion of 10 new openings, including Zizzi’s third site in Ireland and first site opened in Shanghai. We are pleased with early trading and customer feedback has been positive at these new restaurants. We have also completed 29 restaurant refurbishments to ensure that we continue to appeal to customers and drive footfall to our restaurants.”