During the first six months of 2024 (1H 2024), Busy Bee Group's revenue surged upwards by 9.6 per cent to €3.8 million (1H 2023: €3.5 million), primarily a result of its new Fgura outlet.

The results were shared through the group's interim report for the six months ended 31st May 2024, published by its financing arm, Busy Bee Finance plc.

In the report, Busy Bee primarily attributed the increase in revenue to the opening of its new cafeteria in Fgura, which opened its doors in December 2023. Despite this, the group still noted a "susbtantial revenue increase" in its other outlets.

Additionally, the revenue increase was also coupled with a reduction in the cost of sales, which translated into an improvement in the gross profit margin.

In fact, during 1H 2024, Busy Bee registered €2.3 million in cost of sales, a decrease of €33,000 when compared to the same period in 2023. This led to a gross profit of €1.5 million, a sharp increase from the €1.1 million recorded in 1H 2023.

Other income received by the group, in this case by the rent received, stood at €73,000.

Overall, during the first half of 2024, the group registered a pre-tax profit of €675,000, 166 per cent higher than the profit registered in the first six months of the corresponding year.

Furthermore, the Interim Directors’ Report noted that performance also exceeded the expectations set in the Financial Sustainability Forecasts approved by the Board of Directors on 28th March 2024.

Earnings per share for the six months amounted to €9.98, reflecting an increase of 206 per cent when compared to the €3.26 recorded in the prior year.

By the end of May 2024, Busy Bee’s total assets stood at €18.7 million, while equity attributable to the shareholders amounted to €10.2 million. The company’s gearing stood at 38 per cent.

In terms of their outlook for the following six months, the Board of Directors and management stated that they will seek to increase revenue "by strengthening current operations as well as tapping new business opportunities."

Furthermore it aims to "continuing to focus on iniatives that increase efficiency in operations that will in turn lower costs."