Zizzi owner Azzurri gives confident outlook as annual sales jump

Zizzi and ASK Italian owner Azzurri Investment Group has pledged to open more restaurants in the coming years despite the ongoing challenges in the UK's hospitality sector, as it reported an 18% jump in annual sales.

Azzurri, which also owns the Boojum, Coco di Mama and Dave's Hot Chicken chains as well as the Openr hospitality tech platform, reported sales of £303m for the 12 months to 30 June, up £45m on the year before.

The company said this was driven by like-for-like sales growth and new store openings in the year as well as through the acquistion of Boojum, which was purchased in June 2023.

Adjusted EBITDA more than doubled to £32m from £14m, while net cash inflow from operating activity increased 129% to £22m. The company reported an operating loss of just £0.4m, compared with a £3.5m loss the year before.

Azzurri said it is targeting "selective expansion" of its more mature brands ASK and Zizzi, as well as more restaurants under its "high-growth roll-out businesses" Boojum and Dave's Hot Chicken.

With Dave's in particular, it is looking to open between 30 and 60 locations over the next seven years, with the first set to open this month.

"Whilst we are conscious that UK consumer confidence levels remain fragile, we approach the year ahead excited about the growth agenda within our brands and we will, as always, continue to drive profitable growth by focusing on our core values – namely delivering outstanding food and service, outstanding experience to the customer, whilst offering good value for money," said chair Harvey Smyth.