REG - Cooks Coffee Company - Trading Update and Notice of Results

Cooks CoffeeAnnouncement

15/04/2024 07:00

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RNS Number : 4528K  Cooks Coffee Company Limited  15 April 2024

15th April 2024

Cooks Coffee Company Limited

("Cooks Coffee", the "Company" or the "Group")

 

Trading Update and Notice of Results

 

Cooks Coffee UK and Irish FY24 store sales up 17.6%

 

Cooks Coffee Company (NZX:CCC; AQUIS:COOK), the international coffee focused
café chain, is pleased to provide a trading update covering the Company's
Esquires branded franchised coffee focused stores in the UK & Ireland for
the financial year ended 31 March 2024.

 

Highlights

 

-      Group store sales up 17.6% at £27.9m (NZ$58.2m), 2022: £23.8m
(NZ$49.5m).

-      UK store sales up 21.1% at £18.1m (NZ$38.3m), FY23: £15.2m
NZ$31.6m) and Ireland store sales up 11.3% at £9.6m (NZ$19.9m), (FY23: £8.6m
(NZ$17.9m).

-      77 Group sites in the UK and Ireland as at 31 March 2024, up from
66 as at 1 April 2023.

-      Strong pipeline of new stores with more than 10 outlets expected
to open in Q2 2024.

Cooks Coffee has experienced sales expansion in both the UK and Ireland during
FY24, with a 17.6% growth in sales to £27.9m (NZ$58.2m), FY23 £23.8m
(NZ$49.5m). Within the UK, store sales increased by 21.1%, reaching £18.4m
(NZ$38.3m), 2022: £15.2m (NZ$29.6m), while in Ireland, store sales increased
by 11.3%, totalling £9.6m (NZ$19.9m), FY23 £8.6m (NZ$17.9m).

 

The Company has placed significant emphasis on enhancing sales within its
current locations while concurrently pursuing a strategic store expansion
initiative. During FY24, Cooks Coffee added 15 new stores in the UK and
Ireland and closed four, with store numbers at 31 March 2024 being 77 sites,
compared to 66 as at 1 April 2023. Like for like sales in UK for 2023 were up
6.0% and in Ireland up 6.8%. All sales figures and other metrics in this
announcement exclude the discontinued Triple Two Coffee business.

 

The Company is benefitting from positive operating cash flow, compared to an
operating cash outflow in the same period last year. This serves as a
reaffirmation of the Company's positive trajectory and underscores its
continued progress.

 

Notice of Results

The results for the financial year ended 31 March 2024 will be announced by 31
May 2024 with audited accounts announced by 30 June 2024.

 

Aiden Keegan, CEO of Cooks Coffee Company, said: "We are delighted with the
sales growth within our current coffee store locations and with the
performance of the new stores.

 

"FY24 has witnessed the Company setting new records and this success reflects
the dedication of our extended team of shareholders, directors, franchisees,
regional developers, and Company staff and most importantly the support from
our valued customers. We remain committed to delivering great in-store
experiences and setting new benchmarks in the months ahead through our
dedicated team of local franchise store owners. We look forward to updating
the market further in due course."

 

Enquiries:

 Cooks Coffee Company Limited                        +64 21 702 509 (New Zealand)
 Keith Jackson (Executive Chairman)                  keith.jackson@cookscoffeecompany.com

 Aiden Keegan (Chief Executive)
                                                     +44 (0) 7980 608 440 (UK)

                                                     aiden@esquirescoffee.co.uk

                                                     +44 (0) 20 3934 6630 (UK)
                                                     ukinvestorrelations@cookscoffeecompany.com
                                                     (mailto:ukinvestorrelations@cookscoffeecompany.com)

 IFC Advisory Limited (Financial PR & IR)            +44 (0) 20 3934 6630
 Tim Metcalfe, Graham Herring,                       cookscoffee@investor-focus.co.uk (mailto:cookscoffee@investor-focus.co.uk)

 Florence Chandler

 Oberon Capital (AQSE Corporate Adviser and Broker)  +44 (0) 20 3179 5300
 Nick Lovering, Adam Pollock, Mike Seabrook

 

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