10th Jan 2022 09:14
(Alliance News) - Tortilla Mexican Grill PLC on Monday said it has put in a "very strong" trading performance since listing in London in October, shaking off Omicron restrictions. As a result, annual revenue and profit will be "materially ahead" of its expectations.
London-based Tortilla, which debuted on AIM in October, said revenue in the financial year that ended January 2 totalled GBP48.1 million, up from GBP26.8 million the year before and GBP35.4 million two years before. In the UK, like-for-like revenue rose by 24%, or by 30% when excluding the lockdown-impacted first quarter of last year.
Strong cash generation means it ended the year with net cash.
The fast-casual Mexican restaurant chain said it added 9 stores in 2021, growing to 64 stores globally. In the fourth quarter, Tortilla opened stores in Edinburgh, Exeter and Windsor. It expects to open 45 new sites in the next five years.
Tortilla said it expects 2022 to be in line with expectations, as reduced government assistance is offset by eased trading restrictions.
"The adaptability of Tortilla's offer supported us through the latter stages of the year to achieve a strong performance across both delivery and take away," said Chief Executive Officer Richard Morris.
Tortilla said more than 30% of revenue now comes from delivery. It recently opened delivery kitchens in Manchester, in Balham in south London, and in Brent Cross in north London, taking its total number of delivery kitchens to five.
Tortilla shares were up 3.5% early Monday at 190.00p, up 5.0% from the 181p initial public offering price.
By Tom Waite; [email protected]
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