Expansion drives ‘strong growth’ for The Ivy Collection

Turnover for the Richard Caring-backed group grew by more than £100m in the year ended 1 January 2023, rising to £302m from £200m the year before.

Profit before tax increased from £20.4m to £29m, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose from £37.9m to £54.8m.

During the period, the group launched five new restaurants under The Ivy Asia brand, as well as two The Ivy Brasseries.

The accounts cover the first full year of post-pandemic trading, with the group noting that trading was ‘very strong’ throughout the year as customer confidence returned and restaurants could return to utilising their full capacities.

However, it also reflects a significant increase on Troia’s pre-pandemic results.

In the year ended December 2019, the group reported turnover of £198m and profit before tax of £17.2m.

The group was locked into a fixed contract on both gas and electricity and therefore avoided a large price increase, but nevertheless faced inflationary pressures on supplier and new build costs as well as energy.

The group adds that its pricing strategy was maintained ‘to ensure consistent profitability compared to pre Covid years, while remaining competitive’.