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The turnover of the Espresso Norway House rose from 172.5 million in 2016 to 238.0 million in 2017, writes the coffee chain in its annual report. This is an increase of 38%.
The increase comes after the opening of 13 new departments last year. Thus, some key figures continue to support heavy investments, they continue.
Operating expenses also increased from 161.6 million in 2016 to 227.5 million in 2017.
"The increase is mainly due to several cafes, but also an administration enlarged to Oslo in 2017, "said the annual report.
E24 + : sells coffee for millions of dollars on the Norwegian market
Fixed profit
Operating profit for 2017 ends with 10.7 In 2016, the Swedish coffee chain was able to become a first positive line in Norway after having started with three coffees in 2013.
Torodd Gøystdal, Managing Director of Espresso House Norway is satisfied of the annual result as a whole
– We are very happy, there are investments and one-time costs, but the most important for us is that the EBITDA from operations in the departments has doubled, according to Gøystdal, in reference to figures which are not read in the accounts delivered in the Brønnøysund register. Espresso House Norway lost a total of NOK 56.7 million for the first three years, 4.2 million, 28.4 million and 24.1 million respectively. Now the arrow is pointing up.
"The Norwegian company continues to perform well in 2017 (…) The market has been positive in 2017 and is expected to grow in 2018. The company has received in the last four years from 0 to NOK 238 million in revenue, and with growth from 2016 to 2017 totaling 38 percent in total, proves that customers appreciate our offer, "writes the company in the annual report.
The chain currently has 42 cafés in Norway, including Trondheim, Bergen, Stavanger, Hamar, Fredrikstad and Larvik
Fragmented Market
General Manager Gøystdal declares that the coffee chain has signed 12 contracts for new branches in 2018.
– 2018 has been a great year up to now, with a
Five of the cafes have already been opened, including Larvik and Kongsberg.
– Our northernmost café will open in Steinkjer in November, with 300 square meters, it's very exciting. 19659005] Espresso House Since its creation in 2013, Norway has noted in its annual report that the Norwegian coffee market is characterized by a fragmented structure. However, Gøystdal is uncertain as to the existence of any merger.
– It seems that there are no relevant players for the merger, I think. This market has about 80-85% of individual players, but the nature of the cafe-bars is that they are many, so I think the market will also be very fragmented in the coming years. "
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