Chopstix Group posts loss despite 22.5% rise in turnover
Gross profit jumped by 20%.
Chopstix Group posted a £80,000 loss in FY 2019, compared to earning £247,000 in the previous year.
The company’s gross profit jumped by 20% year-on-year to £19.6 million from £16.4m, whilst it spent £19.5m in administrative expenses.
Further, it saw a 22.5% turnover growth to £30m in the year ended April 2019, compared to £24.5m in the previous year, whilst it has EBITDA of £1.9m from £2.2m.
Sales growth was attributed to Yangtze sales, new namesake sites, and refurbished stores which “drove incremental site volume.”
In the same period, the Chinese-inspired chain opened four new restaurants and two Yangtze outlets, bringing a total of 40 Chopstix stores and 10 Yangtze outlets currently trading.
Meanwhile, a total of 17 Chopstix stores were franchisee-operated in the year, including one in Germany.
