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February 18, 2019

MTY Food Group reports 28% increase in FY2018 revenues

Canadian franchisor and operator of multiple concepts of restaurants MTY Food Group has reported total revenue of $353.3m for the fiscal year ending 30 November 2018 (FY2018). 

Canadian franchisor and operator of multiple concepts of restaurants MTY Food Group has reported total revenue of $353.3m for the fiscal year ending 30 November 2018 (FY2018).

Revenue increased by 28% from $276.1m registered the previous year.

Growth was mainly driven by the acquisitions of Imvescor Restaurant Group and The Counter Custom Burger.

For the full year of 2018, the company’s system sales were up 20.9% reaching $2.78bn, compared to $2.30bn in 2017.

The restaurant company also reported a net income attributable to shareholders of $98.48m, compared to $49.50m for the same period in the previous year.

“The company’s system sales were up 20.9% reaching $2.78bn, compared to $2.30bn in 2017.”

In addition, the restaurant chain reported a 36% increase in EBITDA to $127.7m, compared $93.7m for the same period in the previous year.

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Cost of sales and operating expenses of the company increased by 24% to $225.6m, compared to $182.4m from the previous year.

For the fourth quarter, system sales were up 30% reaching $707.4m compared to 2017, while same-store sales were down 1.3%.

Furthermore, MTY Food completed the acquisition of all of the assets of the sweetFrog Premium Frozen Yogurt franchise system for $32.1m on 25 September.

The company also closed the acquisition of substantially most of the assets of Casa Grecque for a total consideration of $22.4m, as well as signed an agreement to buy the assets of South St Burger on 11 December 2018.

MTY currently operates 5,984 locations including 65 corporate and 5,919 franchised locations worldwide.

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