Savor forecasts higher annual revenue, net profit

(Source: Azabu Ponsonby/Facebook)

Kiwi hospitality group Savor forecasts revenue of more than $60 million in the fiscal year ended March 31, up 15.4 per cent from the previous year.

Operating earnings guidance is between $8.5 and $9.0 million, materially higher than $5.2 million in the prior year. Net profit after tax is estimated between $1.5 to $2 million, surging from $0.6 million.

This is Savor’s first reporting period without the impact of its divested Moa business or Covid-19.

The company also expects it will be in a tax paying position and will start utilising the significant balance of historical tax losses available.

Savor said it is confident to provide the market guidance following its implementation of measures to drive cost efficiencies and economies of scale which were maintained through the summer trading period.

Savor’s portfolio includes Amano, Amano Bakery, Azabu Mission Bay, Azabu Ponsonby, Bang Bang, Bar Non Solo, Bivacco, Ebisu, Lobster & Tap, Market Gallery, MoVida, Non Solo Pizza, Ortolana, The Store, and The Wreck.

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