Tasty losses narrow after sales rise 33%

Mon, 27th Sep 2021

Restaurant owner Tasty posted a narrower first-half loss after its revenue improved as lockdowns eased. Pre-tax losses for the six months through 27 June amounted to £2.7 million, compared to year-on-year losses of £10.9 million. Revenue rose 33% to £11.6 million and adjusted earnings before interest, tax, depreciation and amortisation amounted to £0.8 million, swinging from a loss of £0.1 million. All of the company's sites were closed from 5 January for indoor dining, re-opened in April for outdoor dining and dine-in from May. Tasty said it was currently trading from 49 of 54 restaurants, with temporary closures throughout the half-year due to Covid-19. Staff shortages had also forced temporary closures and prevented the re-opening of some sites, the company added. On the bright side, it said trading post period end to date had exceeded management's expectations. 'Since re-opening for dine-in in May 2021, sales have been encouraging,' chairman Keith Lassman said. 'However, we remain cautious in our approach as we are mindful that performance has been assisted by VAT and rate support, staycations, pent-up demand and a higher level of disposable income.' 'Tasty is now in a good position to take advantage of the opportunities in the sector due to reduced competition and vacant restaurant and retail space.' Story provided by StockMarketWire.com

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