Various Eateries Reports Record Profitability and Return to Like-for-Like Growth in FY25

Various Eateries delivers a bullish FY25 with record adjusted EBITDA and a clean return to like-for-like growth, outpacing forecasts.

20 October 2025by Joshua Thompson5 min read40 views

This article covers information on Various Eateries PLC.

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FY25 trading update: record adjusted EBITDA and a clean return to like-for-like growth

Various Eateries has posted a bullish full-year trading update for the 52 weeks to 28 September 2025. Revenue is expected at £52.4 million, up 6% year on year, and ahead of market expectations of £50.7 million. Adjusted EBITDA is expected to be at least £1.1 million, a material step up from £0.3 million last year and well ahead of expectations of £0.4 million.

Crucially, like-for-like sales – the industry’s measure of growth from sites open at least a year – swung back into positive territory. H2 like-for-like sales were +4% year on year, taking the full-year figure to +2% (FY24: -1.0%). That’s a tidy beat versus the wider market, which the company says it outperformed.

Key numbers at a glance

Metric	FY25 (expected)	FY24	Comment
Revenue	£52.4m	£49.5m	+6% year on year; ahead of £50.7m market expectations
Adjusted EBITDA	At least £1.1m	£0.3m	Versus market expectations of £0.4m; pre-IFRS 16
Like-for-like sales	+2% (H2: +4%)	-1.0%	Return to positive growth; momentum improved through H2
Wage/NI cost impact	c.£1.3m	Not disclosed	Headwind absorbed alongside profit uplift
Cash at bank	£8.0m	£5.8m	Improved liquidity
Estate	20 locations	Not disclosed	Across Coppa Club and Noci

Adjusted EBITDA here is defined as EBITDA before pre-opening costs, share-based payments and exceptional costs, and reported before the impact of IFRS 16 (the lease accounting standard). On the implied figures, that suggests an adjusted EBITDA margin of roughly 2%+, which is thin but moving the right way.

What drove the outperformance?

The update points to operational optimisation rather than big-ticket expansion. Management highlights “smarter demand-driven workforce scheduling” – in plain English, aligning staffing more tightly to trading peaks and troughs to protect margin.

On the sales side, the group leaned into premiumisation, adding select higher-priced food and drink items. That can lift average spend per head if guests feel they’re getting better quality. The warm summer helped too, especially for Coppa Club’s outdoor spaces, while layout tweaks at Coppa Club aimed to move venues smoothly from daytime to evening trade – a neat way to sweat the asset across dayparts.

Both core brands – Coppa Club (the all-day, multi-use concept) and Noci (modern, pasta-led and value-focused) – benefited from tighter service quality and consistency. Management also cites stronger conversion and repeat visits, which are the right kind of gains: durable, less discount-led, and supportive of future like-for-like growth.

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Why this matters for investors

Beat against expectations: Revenue and adjusted EBITDA are both ahead of market expectations. In a sector where misses are common, beats are valuable signals of execution.
Record profitability despite cost pressures: The company absorbed roughly £1.3 million of minimum wage and national insurance increases and still delivered record profit performance. That implies meaningful efficiency gains.
Momentum into FY26: Management says momentum has continued into the new financial year, with “firm foundations” in place. That suggests H2 improvements are not a one-off.
Stronger balance sheet: Cash at bank of £8.0 million (vs £5.8 million last year) gives more flexibility to invest and weather bumps in trading.

It’s also worth noting that like-for-like growth is the cleanest lens on underlying demand because it strips out the noise of new openings and closures. Getting back to positive like-for-like is the primary rung on the ladder for a sustainable recovery.

The moving parts: costs, pricing, and brand mix

The sector remains challenging, and the RNS acknowledges that. Wage and NI costs stepped up materially in the year. Rather than bluntly pushing prices, Various Eateries has used a mix of premiumisation, service improvements and layout changes to grow sales and protect margin. That is a more nuanced approach and typically better for long-term loyalty.

Brand breadth is another lever. Coppa Club’s all-day model can capture breakfast-to-late-night occasions, while Noci focuses on quality pasta at reasonable prices. That spread can cushion demand shifts and offer multiple growth vectors across different customer missions and locations.

What to watch in FY26

Like-for-like trajectory: H2 was +4%. Can the business hold or build on that as the weather normalises and cost pressures persist?
Margin progression: With adjusted EBITDA at least £1.1 million on £52.4 million revenue, the next proof point is further margin recovery without over-reliance on price.
Cost inflation: The £1.3 million wage/NI headwind shows the scale of pressure. Continued optimisation of scheduling and menus will need to offset any further increases.
Growth plans: Management remains “ambitious for growth” and is exploring opportunities that fit the portfolio. Specific new site numbers or capex are not disclosed.
Cash discipline: £8.0 million on hand is a helpful buffer. Watch how the group balances investment in new sites versus returns from operational efficiency.

Risks and sensitivities

Weather dependence: The update notes supportive summer weather and strong outdoor trading. A softer summer could dilute that tailwind.
Execution risk: The strategy hinges on site-by-site operational improvements and premiumisation. Consistency across 20 locations is key.
Macro backdrop: The company still describes the market as challenging. Any consumer spending wobble would test the resilience of both brands.

My take: disciplined execution is starting to show through

This is a tidy step forward. Beating expectations on both revenue and profit, returning to positive like-for-like, and improving cash – those are the right markers for a hospitality recovery story. The absolute level of profit remains modest, but the direction of travel is encouraging, particularly given a sizeable wage and NI headwind.

The strategy feels sensible: operational optimisation, demand-led staffing, premiumised but still value-aware menus, and better use of space to drive evening trade. If the team can repeat H2’s like-for-like performance without leaning too heavily on discounting, there is room for further margin rebuild.

Overall, I’m cautiously optimistic. Various Eateries looks more efficient, more resilient, and better positioned to grow Coppa Club and Noci when the right sites appear. The next few updates need to show margin progression and sustained like-for-like growth. For now, though, this is a genuinely positive trading update with evidence of improving execution.

Quick jargon check

Like-for-like sales: Growth from venues that were open in both periods, excluding the impact of new openings or closures.
Adjusted EBITDA (pre-IFRS 16): Earnings before interest, tax, depreciation and amortisation, adjusted to exclude pre-opening costs, share-based payments and exceptional costs, and shown before lease accounting (IFRS 16) effects.