SPoT Coffee, a Canada-based company that designs, builds and operates community oriented cafés, has posted revenue of CAD6.82m ($6.66m) in the financial year ended 31 December 2012, up 20%, compared to revenue of CAD5.7m ($5.56m) for the same period in 2011.

System-wide sales revenue for SPoT increased 22% in the financial year 2012 to CAD7.74m ($7.55m) from system-wide sales revenue of CAD6.37m ($6.22m) for the comparable period in 2011.

The company posted gross profit of CAD4.51m ($4.40m) in 2012, up 18%, as against the gross profit of CAD3.81m ($3.72m) generated in 2011.

The 2012 results for the company were supported by initiatives such as opening new cafe locations and signing major sales and distribution agreements, including the distribution agreement with American Natural Operations and its affiliates to supply premium roasted gourmet coffee beans to Pittsburgh, Pennsylvania.

Commenting on the results, SPoT Coffee president Anton Ayoub said the company has reported growth in revenue and cafe EBITDA while controlling labour costs and maintaining gross margins.

"During Q1 2013, the residents of Saratoga Springs, New York, welcomed SPoT’s tenth location to their community," Ayoub added.

"Additionally, SPoT commenced its first major coffee sales and distribution agreement with American Natural as well as a management realignment estimated to save the Company $240,000 in 2013.

"With all of this positive momentum, we plan to realize profitability at the corporate level sooner than initially anticipated."