24th Apr 2024 11:33
(Alliance News) - Tortilla Mexican Grill PLC on Wednesday reported sales growth amid a "turbulent economic backdrop".
Tortilla, the UK's largest fast-casual Mexican restaurant group, widened its pretax loss in 2023 by 22% to GBP1.1 million from GBP900,000 last year.
However, the company reported 14% revenue growth increasing it to GBP65.7 million from 57.7 million.
To date, Tortilla has never paid a dividend and this will continue as the company focuses on utilising capital to facilitate long-term growth.
Chief Executive Officer Andy Naylor said: "Throughout 2023, we dedicated ourselves to building resilience, especially enhancing profitability, as we recovered from macro events in 2022.
"Our efforts included streamlining costs, bolstering franchise partnerships, augmenting efficiency via technology investments, and enriching our team with fresh talent, all while continuing site deployments."
Looking ahead, Tortilla is optimistic that it can build upon the foundations put in place last year to accelerate growth.
In recent months, the company revised its overarching strategy to reorient focus on five strategic pillars.
Tortilla said it aims to improve UK profitability, invest in the brand to drive growth, invest in team and technology, increase franchising and develop the brand internationally.
Tortilla shares were flat at 45.00 pence each in London on Wednesday morning.
By Elijah Dale, Alliance News reporter
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