Business
Annual Results & Publication of Annual Report
Annual Results & Publication of Annual Report.
About this update from Tortilla Mexican Grill Ltd.
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 27 March 2023\n \n \n \n Tortilla Mexican Grill plc\n(\"Tortilla\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Audited Annual Results for the 52 weeks ended 1 January 2023\n \n \n \n \n Publication of Annual Report & Accounts and Notice of Annual General Meeting\n \n \n \n \n \n \n \n \n \n A year of significant growth and further strategic progress\n \n \n \n \n \n \n \n \n Tortilla Mexican Grill plc (\"Tortilla\"), the largest and most successful fast-casual Mexican restaurant group in the UK, is pleased to announce its Annual Results for the 52 weeks ended 1 January 2023 (the \"Period\").\n \n \n \n \n \n \n Financial highlights\n \n \n \n \n \n \n \n \n · \n Revenue increased by 20.0% to a new record of £57.7m (FY21: £48.1m), driven by a record year of new site openings.\n \n \n \n \n \n · \n Like-for-like (\"LFL\") revenue up 16.4% vs 2019.\n \n \n \n \n \n · \n Adjusted EBITDA (pre-IFRS 16) was £4.0m (FY21: £8.7m). Notably, FY21 included £3.9m of VAT benefit.\n \n \n \n \n \n · \n Gross profit margin was 76.4% (FY21: 79.6%).\n \n \n \n \n \n · \n Net debt was £0.6m (FY21: net cash of £6.7m).\n \n \n \n \n \n \n Operational highlights\n \n \n \n \n \n \n \n \n · \n Year of record growth for the Group with 18 sites (net) added to the portfolio, increasing the total number of sites to 82 at the period end\n \n \n \n \n \n · \n A record number of UK new openings, with ten Group-operated sites added, as the Group takes advantage of the favourable property rental market\n \n \n \n \n \n · \n Excellent franchising proposition due to simplicity of operating model and flexible store format\n \n \n o \n Five franchise sites opened in universities through new partnership with Compass Group plc\n \n \n o \n One further airport site opened at Bristol, through franchise partnership with SSP Group plc\n \n \n \n \n \n · \n Strategic acquisition of Chilango in May 2022 strengthened the Group's market position in London:\n \n \n o \n Five of eight new sites converted to Tortilla branding\n \n \n o \n Three remaining sites ...