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SAVOR NZX Release 18 November 2021 Savor announces Interim Results Savor Limited ( NZX : SVR ) ( " Savor " or " the Group " ) , is pleased to announce its results for the six month period ended 30 September 2021 . All figures presented are from the continuing operations of the Group unless otherwise stated . Highlights : • • Group revenue increased to $ 17.2m from $ 4.9m in the prior period , following the acquisition of the Amano , Ortolana and The Store venues in April 2021 . Group operating cash flows for the period were $ 1.1m , compared to an outflow of $ 0.1m in the prior period . Cash flows were significantly lower as a result of COVID - 19 restrictions in the last six weeks of the period , resulting in a mismatch with payments being made to suppliers while there were no cash receipts . • Including significant non - cash items such as depreciation of $ 2.0m and interest costs of $ 0.6m , the Group reported a net loss after tax of $ 0.8m . However , Savor reported operating earnings of $ 2.1m for the period ( with six weeks of COVID affected trading ) . Core Business The financial year began with a period of consolidation , following the acquisition of Amano , Ortolana , and The Store from Hipgroup Limited in early April 2021. Trading results exceeded initial expectations and were accompanied by strong performances across the bulk of the existing Savor Group venues . The six month period saw the Group achieve some of the highest trading weeks in recent years . The Group has made significant progress on its cost out strategy , removing approximately $ 1.0m of annualized overhead costs , in addition to the ongoing working capital and overhead benefits realized from divesting the Moa Brewing operations . The Group also obtained successful settlements for the historical claims against the contract manufacturer ( 100 % in favour ) and the purchaser ( 85 % in favour ) . In June , the Group acquired a centralized distribution centre , enabling purchasing power synergies and a streamlined supply chain , working directly with suppliers to source the highest quality products . Savor has also completed a review of its lease portfolio , resulting in the exit or sublease of underutilized spaces to offset approximately $ 0.3m of rental costs on an annual basis . The return to COVID - 19 restrictions in August 2021 had a material impact on the Group's operations , with the mandated closure of venues . Savor redeveloped its eCommerce business to generate sales in excess of $ 0.13m per week for online deliveries and takeaway offerings . This , combined with stringent capital and cost discipline , limited the weekly cash outflow to approximately $ 88,000 . Savor is well positioned to maximise trading opportunities once restrictions are lifted .