Tortilla ahead of target for new sites
Tortilla has said it is ahead of its long-term target of opening 45 new sites in five years.
This comes as the Mexican restaurant chain releases its interim results for the first half of the 2023 financial year, during which it made three new openings in the UK including its first in Northern Ireland.
The chain added that it had made a “successful integration” of the Chilango business.
Tortilla also said it is currently assessing a number of European opportunities through franchising or strategic acquisitions.
During the 26 weeks to 2 July, Tortilla saw revenue growth of 22% to £32.7m, and an increase in like-for-like revenue of 5%.
However, the chain’s adjusted earnings (EBITDA) of £1.8m was was down year-on-year from £2.5m. Tortilla said this was in line with market expected financial performance and noted that the prior year amount had benefitted from £1.1m of Government support.
During the period, Tortilla made a pre-tax loss of £0.6m, down from a pre-tax profit of £0.3m in the first half of 2022.
Richard Morris, CEO of Tortilla, said: “Despite the challenging economic backdrop, during the first half Tortilla demonstrated its resilience and showed consistent progress, with revenue growth of more than 20%. We continued to expand our store estate and have successfully embedded the Chilango acquisition. We have also enhanced our food offer and secured significant improvement in our costs structure while making technology upgrades which will improve and quicken customer service at peak trading times.”
He added that the business remains “well placed” to continue expanding its UK network whilst taking the brand into new markets.
Earlier this year Tortilla said it recorded record results in its franchise sites, as it looked to continue expanding its estate.