Chopstix reported an increase in full-year and like-for-like sales in what has been a pivotal year for the business. The national noodle bar brand saw company turnover for the period climb to £24.5m (from £15.6m in 2017) in the year to 30th April 2018. Like-for-like sales during the year for its core eponymous brand increased 3.5%.
During the year the group opened 10 new Chopstix restaurants and also acquired The Wok Limited, a portfolio of nine restaurants trading as Yangtze. During the period Yangtze contributed £2.9m of sales. At year end, Chopstix operated 41 branded Chopstix restaurants and nine Yangtze restaurants. An additional 17 Chopstix sites are operated under franchise: 10 with Applegreen in Ireland, six with Welcome Break in motorway service areas in England and Scotland, and one in Germany with Westfalen.
The company reported gross profit margins of 67% (75% in 2017) for the full-year. Adjusted EBITDA after pre-opening and exceptional costs but before fixed asset impairments stood at £2.2m (£2.6m in 2017).
Jon Lake, managing director of Chopstix Group, said: “The Chopstix business has continued to grow and deliver positive results as the market has evolved and been impacted by macro-economic and political factors. We believe there are still significant opportunities to expand both the Chopstix and Yangtze brands.”