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Côte directors 'pleased' to see revenue uptick in challenging times for sector

06 March 2020 by
Cote restaurant

The directors of casual dining group Côte Restaurants have said they are “pleased” to have recorded growth in both revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) in a year that has seen “widespread closures” across the sector.

The restaurant group saw turnover grow by 7% to £156.6m in the year to 28 July 2019, compared to £146.3m the previous year.

Gross profit increased to £18.4m, from £17.9m, while adjusted EBITDA was £18.4m, compared to £17.9m a year earlier.

Despite the growth parent company Taste Midco 1 reported a post-tax loss of £34.5m, compared to a loss of £33.2m a year earlier.

Directors said: “In a year that has seen widespread closures across the sector, the directors are pleased that Côte continues to deliver sales and EBITDA growth.”

The group closed two sites in the year, as well as marking another two underperforming restaurants for impairment. It opened a further five Côte brasseries.

The group previously included the Jackson and Rye and Limeyard brands due, but these were discontinued last year due to "challenging market conditions".

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