2022 Interim Report

CHAIRMAN’S STATEMENT

The period was one of significant development for the Group as we continued to build a group of ethical coffee chains with community spirit. Our Esquires and Triple Two brands continue to perform well and I am delighted with our consistent outperformance of the market, thanks to the efforts of our staff, franchisees and their teams.

Revenue from trading operations grew by 37% in the first half of the year (“FY23”) compared to last year, driven by new store openings and like for like sales improvements in the existing stores.

Overall store numbers at the end of September 2022 were 111, a net gain of four stores during the sixmonth period, with the number of stores in the UK and Ireland growing to 85 and the total of 26 stores in the franchised regions outside of the UK and Ireland remaining unchanged.

The Company added seven outlets and closed three to the franchised network in the UK and Ireland during the period, under both the Esquires and Triple Two brands. The number of stores is expected to grow in the second half of the year, with nine store openings planned in the UK and two in Ireland which we anticipate will take the store numbers to 96 in the UK and Ireland by the end of March 2023.

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