Healthy and freshly made food is attracting customers across the UK, but perhaps nowhere is this more visible than in London, where a number of successful companies have sprung up and are rapidly expanding both their customer base and their outlets.
Leading this trend is Abokado, which has just reported results for the year ended 31 March – though its continuing and rapid expansion this year will already be making comparisons difficult.
Review of business
Abokado had another strong year with a 55% increase in sales and a 70% increase in gross profit.
Total store EBITDA more than doubled and 4 new stores were opened which took the estate to 14. Total EBITDA before pre opening costs and exceptional items was £325,000.
The directors were pleased with the company’s performance across:
- On a like for like basis sales grew by 19%
- The net promoter score remained above 70%
- New stores outperformed expectations
- Manager grade turnover was 5%
- EBITDA per store increased by 65% on average
Current trading
Trading in the period since March 2013 is reported to be very positive, with strong like for like sales growth and a constant gross margin despite input price pressure. Since April 2013, a further 5 stores have been opened, taking the estate to 19.
The lease on a further store has also been signed and a number more are under offer.
Investment continues in the management structure necessary to support the business’s rapid growth.