Coffeeheaven - Heading East

For those that missed the highlights from the highlights section in the results yesterday here is the sharecast overview of the release.

Monday December 19, 04:20 PM
Coffeeheaven expects to top revenue forecasts
LONDON (ShareCast) - Speciality coffee bar operator Coffeeheaven International (LSE: COH.L - news) has reported increased interim losses after ADVERTISEMENT

certain charges, but turnover soared and a rise in like for like sales has gone down well.

The AIM-listed group reported a pre-tax loss for the six months to 30 September of £378,000 after charging £134,000 of losses in respect of new markets and £133,000 in interest charges.

Last year the company lost £233,000. Turnover jumped 74% to £2.73m, while like for like sales rose 6%.

Sales in the first weeks of the second half-year have been above expectations in Poland and Latvia and closer to expectations in the Czech Republic, it said.

Based on current trading trends and present foreign exchange rates, it expects to exceed its previously indicated revenues of £5.7m for the year to 31 March 2006, up from £3.6m last time.

Executive chairman Richard Worthington said, "These results again demonstrate that coffeeheaven remains firmly on track to become one of Central Europe's leading branded coffee/sandwich bar retailers."

"Our successful placing and open offer enables the group to repay all debt funding and provides capital for the next phase of expansion."

"With representation in several Central European markets, the group continues to make solid progress towards our longer term goal of regional presence across the dynamic markets of central Europe," he added.