28th Jun 2024 12:09
Tasty PLC - London-based casual dining restaurant operator - Amid sharply higher operating costs, reports pretax loss widens sharply to GBP14.5 million in 2023 from GBP6.4 million in 2022. However, revenue climbs 6.5% to GBP46.9 million from GBP44.0 million. Operating expenses balloon to GBP14.8 million from GBP4.4 million. Cost of sales increase 1.4% to GBP44.8 million from GBP44.1 million. Tasty notes higher labour costs, citing the increase in the UK national living wage in April "and general inflationary wage pressures". Adjusted earnings before interest, tax, depreciation and amortisation improve to GBP4.4 million from GBP2.6 million. Looking ahead, Chair Keith Lassman says: "The board believes that the restructuring plan will allow the group to stabilise towards the end of the year, with a significant improvement in Ebitda performance expected over the next two years through site rationalisation and other tangible cost savings." Tasty says it is "now on a secure footing for potential future growth". Read More
