Abokado reports 24% jump in profits
Healthy grab-and-go chain Abokadohasreported a 24% jump in profits for the year ending 31 March 2018 along with an increase in earnings.
The company's profits rose by 24% year-on-year to £726,000, while earnings before interest, tax, depreciation and amortisation increased to £1.7m.
Like-for-like sales also grew by 6% over the period. Abokado operates 23 sites across London, with a 24th planned for Hammersmith next month.
The firm said it expected to pick up more sites in the coming year "as management capitalises on opportunities within a weakening property market".
Founder Mark Lilley said: "I'm pleased with this set of results, which have been achieved in the toughest market conditions we've experienced since we started Abokado.
"Our formula is simple. Everything we do revolves around bringing Londoners the freshest and healthiest options for breakfast and lunch, and it's great to be getting a resounding thumbs up from our customers.
"Our current year sales growth is particularly pleasing, as this comes entirely from in-store sales.
"Delivery still represents a tiny proportion of Abokado's sales, but with the delivery market established and fast-growing, and with a menu that lends itself extremely well to delivery, we're excited about the growth opportunity this presents over the coming years."
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