Tortilla reports 'strong trading momentum' as it sees like-for-like growth up 23%
The fast-casual Mexican restaurant group, which has more than 50 locations across the UK, said the growth was 'driven by growing customer demand' across its of eat in, take away and delivery channels, and underpinned by the continued roll-out of new sites.
Group revenue was up 79% to £48.1m compared to £26.8m in the 2020 financial year and £35.4m in 2019, aided by the addition of several UK company-operated sites that included bricks and mortar locations in Edinburgh, Exeter and Windsor, and new delivery kitchens in Balham, Manchester and Brent Cross.
Tortilla now operates five delivery kitchens in total, with delivery comprising more than 30% of total group revenue.
Over the period, the group also launched the first Tortilla site in partnership with Merlin Entertainments, as well as two new franchise restaurants over the period with SSP.
Like-for-like revenue versus 2019 increased by 23.8% despite the numerous lockdowns and restrictions, with the group adding that the percentage increases to 30.3% if the first quarter of 2021, which was significantly impacted by lockdowns, is excluded.
Meanwhile, its admission to AIM in October 2021 raised gross proceeds of £5m, which will be used to accelerate growth plans.
Revenue and profit for the year were 'materially ahead' of its expectations following stronger trading in the fourth quarter, despite the emergence of the Omicron Covid variant.
Tortilla says the board remains confident that the group will perform in line with expectations going in to the 2022 financial year.
“We are delighted to have maintained the very strong trading momentum, outlined at the time of our IPO, to achieve an excellent full year performance," says Richard Morris, chief executive officer of Tortilla.
"This was supported by the growing appeal of our proposition and the continued expansion of the Tortilla brand. Once again, 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.
“In addition to delivering this very strong financial growth, we were pleased to achieve progress against a number of strategic objectives, including the launch and development of various partnerships, and growing our estate of delivery kitchens and traditional bricks and mortar locations."
Tortilla was founded in 2007 by Brandon Stephens and currently operates 64 sites worldwide, comprising 51 company-owned locations in the UK; three sites franchised to SSP Group in the UK; and 10 franchised units in the Middle East.
