Parogon Group FY24 Results and Joins the B Corp Community

Parogon Group FY24 Results

Parogon Group has provided an update on its performance over the last financial year, ending June 30th, 2024. The results showcase a robust and thriving business, marked by strong financial growth, strategic expansion, and a new milestone of joining the B Corp community, reflecting its commitment to social and environmental responsibility.

Financial Performance

Parogon Group reported total group sales of £24 million, a 10.9% increase compared to 2023. Like-for-like (LFL) sales rose by 3.5%, outperforming competitors over the last eight months. Group EBITDA before pre-opening costs reached £1.9 million, up £0.7 million from last year, and site-level profits grew to £4.6 million, an increase of £1.2 million. The company’s operating margins improved by 1.5%, supported by a significant capital investment of £3.1 million into various projects.

Richard Colclough, MD and Co-Founder of Parogon Group, said:

“Despite a challenging economic environment, I’m delighted that Parogon has had a successful year, growing our sales and adding a new site to our portfolio. Our team’s dedication and our loyal guests have been key to our success. The foundations we’ve laid this year will help us open new sites more rapidly. We’re excited about the future and optimistic about continued growth, especially if economic conditions improve.”

Expansion Plans

The group’s expansion continued successfully with the opening of its 10th site, averaging £50k weekly sales post-launch. A key focus for Parogon Group is the expansion of the Willow brand. Willow Trentham had an exceptional year, growing covers by 3.6% despite guests feeling cost of living pressures. The highly anticipated Willow Telford site is set to open in September, with additional locations currently in the legal stages. This expansion is supported by strong cash flow and a robust financial foundation.

B Corp

Parogon Group proudly joined the B Corp community in June, highlighting its commitment to social and environmental responsibility. This certification aligns with Parogon’s core values of community support, guest satisfaction, and eco-friendly practices. In FY24, Parogon saw its NPS scores improve by 3.3%, reaching 83% for the year. Additionally, the company retained its 3-star Best Companies rating, with staff turnover decreasing by 17%, indicating high employee satisfaction.

Parogon Group is dedicated to sustainability and responsible growth. Future initiatives include ensuring supplier alignment with Parogon’s values and introducing a ‘People’s Voice’ role to enhance team involvement in shaping the company’s future. Notably, 60% of Parogon’s spending is with local and independent suppliers, further supporting its commitment to the community.