Cafe de Coral’s performance at the half year has been severely impacted by the ongoing Covid-19 pandemic, the business said, with revenue tumbling 24.3 per cent to $416 million following a full year result of $1.03 billion – 6.2 per cent down on the prior year.
Trading conditions had begun to improve by the end of the reporting period, however, and the business invested in a number of long-term initiatives to develop further growth, largely in product development and staff training.
The company operates the Cafe de Coral fast food and Super Super Congee & Noodles QSR chains, along with the casual-dining restaurants Shanghai Lao Lao, Mixian Sense, The Spaghetti House and Oliver’s Super Sandwiches.
The half saw many trading restrictions placed on the dining sector, such as limiting tables to only two diners, a reduction of total dine-in capacity, as well as total bans on dining for a period of time.
“From being caught unprepared to now having faced a few waves of Covid-19 in Hong Kong, the group has quickly learned to adapt to the rhythm of business which has become the ‘new normal’, and shifted our strategy and operations to ensure effective business continuity and evolution,” the business said.
“Although the first six months of FY21 were extremely challenging, the group has taken significant steps to manage the situation and minimise impact on long-term performance.”