11th Apr 2022 17:23
(Alliance News) - Tortilla Mexican Grill PLC said on Monday it swung to a profit despite a year hit by Covid-19 related site closures and restrictions.
The London-based Mexican restaurant chain swung to a pretax profit of GBP2.3 million in the year ended January 2, from a loss of GBP1.7 million in the 53 weeks ended January 3, 2021.
Revenue rose 79% to a record figure of GBP48.1 million from GBP26.8 million the previous year. This was up 36% against financial 2019, the last pre-pandemic, despite 11% of trading weeks lost as a result of the pandemic throughout the year.
Tortilla Mexican Grill said its strong trading momentum has continued into 2022, with like-for-like growth of 20% in the year to date.
Chief Executive Richard Morris said: "Capping off a transformational year for Tortilla, we are very pleased to announce a record financial performance for the Group's maiden Annual Results following its successful IPO in October 2021."
Company did not declare a dividend.
Shares in Tortilla Mexican Grill closed up 2.4% at 169.96 pence on Monday in London.
By Heather Rydings; [email protected]
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