Tortilla caps off 'transformational' year with record results
The fast-casual Mexican chain, which listed on AIM in October last year, saw revenues increase to £48.1m for the 52-week period, compared to £26.8m in 2020 and £35.4m in 2019.
Like-for-like (LFL) revenue increased 23.8% compared with 2019, while adjusted EBITDA (pre-IFRS 16) increased by 262.5% to £8.7m.
Tortilla says that the trading momentum delivered in the period, which it attributes to a strong performance across its existing estate and addition of new sites, has continued into 2022, with LFL growth of 20.1% year to date, in line with expectations.
The business adds that it has a strong balance sheet with net cash of £6.7m at the period end, which it said would support its ability to self-fund roll out plans.
“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,” says Richard Morris, chief executive of Tortilla.
“During the year we made excellent progress in delivery of our long-term growth strategy. We opened further sites in line with our UK roll out plans, expanded our delivery kitchen estate to fulfil growing customer demand, and both extended and launched franchise partnerships which introduced the Tortilla brand to even more customers across the UK.”
Tortilla opened seven new sites during the period, bringing its total estate at the period end to 64. They include three company-run sites opened in Edinburgh, Windsor and Exeter, and three new delivery kitchens.
Additionally the group launched a new partnership with Merlin Entertainments to open at Chessington World of Adventures, and expanded its existing partnership with SSP to open two further sites at Gatwick Airport and Leeds Skelton Services.
It also launched a franchise partnership with Compass Group PLC, with four locations now trading and plans to open at least 10 more over the next five years.
One new site opened in the first quarter of 2022, with another in April and at least seven further site openings planned, which Tortilla says underpins the board’s confidence in delivering the group’s target of 45 openings by the end of 2026.
Tortilla adds that it is well-positioned to navigate macroeconomic pressures, supported by strong brand, value-for-money proposition and flexible operating model
“This strong financial and operational momentum has continued into 2022 and underpinned by our flexible model, value-for-money offer and clear long-term growth strategy, we are very excited to capitalise on the growth opportunities presented by the post-pandemic landscape,” says Morris.
“We remain confident of delivering our exciting plans for Tortilla to the benefit of all stakeholders.”
