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Auckland hospitality group Savor says it’s positioned for a strong recovery despite economic pressures and reduced foot traffic taking a bite out of its earnings.

Earnings before interest, tax, depreciation and amortisation (ebitda) were $7.3 million for the year ended March 31, 2025, down from $8.8m a year ago.

Savor recorded a net loss after tax of $1.2m compared to a profit of $0.7m in the prior year.

This was primarily due to the one-time accounting write-off from the discontinued Seafarers operations, the group said.

Total revenue fell 8% from $61.9m to $56.6m.

Savor attributed its drop in revenue to “reduced foot traffic due to economic pressures”.

The group said full-year revenue represented a strong turnaround for the second half of the year, closing the gap from 15% down in its half-year results.

“These outcomes, achieved amidst rising costs and cautious consumer spending, underscore our commitment to operational efficiency,” Savor told the NZX.

“The group’s underlying operational improvements and asset upgrades positions Savor for a strong recovery as market conditions improve.

“We anticipate gradual relief in cost-of-living pressures, enabling more customers to enjoy our exceptional dining experiences, particularly at our new venues.”

Net cash from operating activities grew 11% to $7.1m, reflecting a focus on efficient working capital management, Savor said.

Savor chief executive Lucien Law said the results reflected the resilience of its brands.

“With the market stabilising and our new bar and entertainment venue in Britomart under construction, we’re looking forward to growth again.”

Law described the group’s operating earnings as “strong” given the challenging economic conditions.

Savor’s new entertainment venue in Britomart’s Roukai Lane is expected to open in September.

The group owns 16 food and entertainment venues around Auckland, including restaurants Amano, Azabu, Ebisu and Non Solo Pizza.

Savor also completed upgrades to Non Solo Pizza in the financial year.

The restaurant’s kitchen, private dining room and osteria bar were upgraded.