Esquires owners narrow loss as revenue doubles
posted on 16th June 2015
Cooks Global Foods, which owns the rights to the Esquires coffee chain outside New Zealand and Australia, is continuing to expand overseas with plans for 125 cafes open by the end of this year - up from 70 at the end of last year. The NZX-listed company posted a loss of $3.99 million in year ended 31 March 2015, down from $5.1 million the year before.
"The business is focused on achieving revenue growth through boosting current sales, opening new stores and investigating new territories," said chairman Keith Jackson. "Cooks sees significant opportunities to export New Zealand's cafe culture into new markets and existing markets."
In the latest year, revenue doubled to $8.9 million from a restated $4.4 million the year earlier. Three quarters of the revenue came from the Esquires Coffee House unit, with the remainder from the supply division, which includes Scarborough Fair beverage products and Progressive Processors' kiwifruit and asparagus, which supply Esquires stores and other customers.
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