Various Eateries PLC (AIM:VARE) cut its losses in 2021 on the back of its outdoor spaces growth, but Omicron took some wind out of the company's sales as London continued to struggle.
Revenues for the hospitality group were up 36% on 2020 to £22.3mln, as its outdoor chain Coppa Club was up 21% since May on pre-Covid levels, better than expected.
But Coppa Club was stronger outside London, growing 25% since May 2021 against 2019 in what its boss attributed to sustained home working patterns.
The company experiences a net loss of £3.7mln, a near 75% drop on 2020's losses amidst sustained Covid lockdowns, while adjusted EBITDA turned positive at £1.2mln.
"What is clear is that the appeal of our brands holds strong. While open, Coppa Clubs have been in high demand, breakfast through to evening drinks, while Tavolino continues to be popular with City-dwellers," said Various Eateries' executive chairman Andy Bassadone.
"Post-period, notwithstanding the impact the introduction of 'Plan B' had on our estate over the Christmas period and through much of January this year, recent trading has been encouraging with momentum building as consumer confidence increases."
The group improved its liquidity positioning, with cash at the bank rising to £19.7mln from -£0.9mln last year.
Various Eateries expects 2022 to see continued growth, with notable performane in its venues outside London.
"Overall, it is clear that the continuing tendency for more "working from home" is favouring our large all-day out of town Coppa Club venues but still reducing customer numbers at our city centre sites," the company said.
"With our focus on making all our sites attractive venues to work in and spend the day in a sociable, comfortable environment, we believe we are very well positioned regardless how this trend develops in the future."
Various Eateries' shares were down 3.39% to 55.55p at 8:08 GMT this morning.