The owner of The Oast House in Spinningfields as well as The Botanist on Deansgate and in Didsbury has returned to making a profit for the first time since 2019 after its sales surpassed pre-pandemic levels.
Alderley Edge-headquartered New World Trading Company is also aiming to open between five and eight new venues a year, creating around 500 jobs annually. The company currently operates 35 locations across England and Wales.
Its brands also include The Florist, The Club House, The Canal House, The Trading House, The Smugglers Cove and The Furnace and is backed by Graphite Capital which is also a long-time investor in steak restaurant Hawksmoor, which has a site on Deansgate.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
For the 12 months to the end of March 2022, the business has reported a turnover of £59.9m, up from the £17.1m it posted in the prior year. The new figure is also higher than the £55.3m it achieved in the year to March 2020.
The company's adjusted EBITDA rose to £6.7m while its profits after tax totalled £1.2m, up from a loss of £4.8m 12 months ago. In the year to March 2020, it also made a loss after tax of £4.3m. The last time the business made a profit after tax was in the year to March 2019.
The results come after chief executive Jesper Friis stepped down from his role in August after almost two and a half years.
Chief financial officer Jim Pickworth said: "Despite trading under restrictions for the first quarter of our financial year and seeing significantly reduced trade over Christmas due to the Omicron variant of Covid-19, our results for the year were excellent.
"We’re now ahead compared to March 2020, before the pandemic affected our business, which is testament to our fantastic resilient teams, people culture, training and development programmes and our unique and innovative proposition.
"Whilst we are not immune from the new challenges now facing the sector, the business is well-positioned with a clear growth strategy and an exciting pipeline of openings.
"We have also recently tentatively positioned some smaller sites for sale in the tail of the portfolio. By March 2023, our estate will have grown by one-third since the start of the pandemic."
Chief operating officer Natasha Waterfield added: "Our focus remains on delivering great customer experiences and on innovation.
"In the last two years, we’ve launched a unique brunch offer, a weekly events line-up, some brilliant new dishes, cocktails and a new lunch menu, opened seven new sites and launched one new brand."
READ NEXT:
-
Kendals owner buys stake in Manchester fashion group promoted by Davina McCall and Amanda Holden
-
Jobs lost at private hospitals group specialising in cosmetic and weight loss surgery
-
First pictures reveal huge new tower planned next to historic Manchester landmark
-
AO Arena and Bridgewater Hall operator made almost 1,000 people redundant in Covid pandemic
-
Why fashion giant Boohoo has made investors 'cry into their cornflakes'
