Nando’s tees up new openings as it reports ‘steady recovery’
Nando’s Group Holdings, which encompasses much of the group’s global operation including its UK estate, reported a £17m operating profit for the year ended February 26 2023, compared with a £1.2m operating loss the year prior.
Sales rose by almost a fifth over the period, from £1.06bn to £1.27bn.
However, the company still fell to a £86.2m pre-tax loss for the year after exceptional items.
“The 2023 financial year saw Nando's deliver a steady recovery to pre-pandemic sales and a return to operating profit driven by strong consumer demand and supported by our brand and customer proposition,” says Rob Papps, group chief executive of Nando's.
“Despite the improved sales performance, cost pressures including higher energy, labour and food prices remained a challenge.”
Nando’s is currently in the process of opening 14 new UK restaurants, all of which are expected to open by the end of the group’s current financial year at the end of February 2024.
Ten of the sites have launched so far. They include two new London flagship sites in Battersea Power Station and London Waterloo; and, most recently, a debut site in Perth, Scotland.
The next opening will be on New Road in Brighton in early 2024, which will mark Nando’s third opening in the seaside city.
“The macro-economic outlook for 2024 remains uncertain, but we are continuing to invest for the future with further menu innovation, enhancements to our digital capabilities, and new restaurant openings planned in all our markets,” Papps adds.
