Various Eateries PLC ADR (GB:VARE) has released an update.
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Various Eateries PLC has reported a 10.2% revenue increase and a 138.2% gross profit surge for the 26-week period ending 31 March 2024, mainly attributed to new site openings and cost-saving measures. Despite a challenging economic climate marked by poor weather and inflationary pressures, the company has maintained a strong financial position with significant cash reserves and has seen success with the openings of Noci Richmond and Coppa Club Townhouse Cardiff. Executive Chairman Andy Bassadone expressed confidence in the company’s long-term prospects, highlighting the ongoing demand for the Group’s brands and the potential for growth during the summer months.
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