Profit up at New World, as expansion continues

New World Trading Company has announced revenue and profit growth in its financial results for the year ending 31 March 2022.  

The business, which operates brands such as The Botanist and The Club House, has reported a turnover of £59.9m, which is a 16% increase on the pre-Covid-19 levels of 2019. 

Adjusted EBITDA rose to £6.7m, with a profit after tax of £1.2m, despite disruption from the pandemic continuing with restrictions on trade remaining in place until July. 

Currently operating 35 bars and restaurants across the country, the company opened three new sites during the year with The Club House Plymouth, The Furnace Sheffield and The Botanist Exeter all joining the estate. It has opened further sites in Ipswich, Worcester and a second site in Cardiff since the year end.

“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," says Jim Pickworth, chief financial officer at New World. “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. 

“While 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.” 

Sites in Edinburgh, Durham, Sunderland, Barnsley and a second site in Chester are already in progress for 2023. 

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