Tortilla sees half-year revenues climb 60%
Like-for-like sales at the group rose 19% during the half year to 3 July 2022, with revenue up to £26.9m compared to 2019 - a 55% increase excluding the impact of the acquisition of Chilango.
The fast-casual Californian-Mexican restaurant group also reported a net cash of £3.1m which it says will help fund future expansion.
Tortilla acquired Chilango on 23 May 2022, for £2.75m, adding eight sites and one delivery kitchen to its estate.
In a trading update on the London Stock Exchange this morning (18 July), the group sad the integration of Chilango was progressing well and helped accelerate its expansion across the UK to further capitalise on growing consumer demand for healthy, convenient and customisable cuisine.
It added six further sites during the period, including sites in Bath, Cheshire Oaks, Bournemouth and Portsmouth with a delivery kitchen in Maida Vale, taking its estate to 84, compared to 58 sites at the half-year period in 2021. All new sites are performing well and in line with expectations since opening, it says.
The Group remains on track to open 45 new sites over the coming years.
“We have continued to outperform the sector according to relevant industry benchmarks and remain confident in the group’s long-term growth prospects,” says Tortilla CEO Richard Morris.
“Our site-roll out continues as planned in line with the target set out at IPO, with further opportunities supported by the favourable rental environment.”
Morris says that while the trading environment remains challenging, Tortilla was mitigating cost pressures where it could and was “mindful” of the impact of the current cost-of-living crisis.
“We remain very confident that supported by our strong reputation for outstanding value, excellent delivery proposition, and growing UK presence we are well positioned for long term growth.”
