Chopstix Group reports Profit
The margin reduction was attributed to new openings that needed "time to mature".
Chopstix Group, the holding company of the namesake Asian restaurant brand and the recently-acquired Yangtze, has reported a £247,240 profit for the financial year ended 30 April 2018.
Group turnover for the period was £24.5 million compared to £15.5 million for 2017. Adjusted EBITDA was approximately £2.2 million, down from £2.6 million in the previous financial year.
Chopstix Group explained that the margin reduction in the period was due to a "significant number of new openings" that needed "some time to mature", as well as lower margins in their recently-acquired Yangtze division, new product development and stock adjustments.
"The Directors and management believe this represents a significant opportunity to improve in the future," they said in their strategic report.
