UK-based restaurant chain, Tortilla Mexican Grill reported a revenue of £65.67m for the year ended 2023, increasing by 13.8% compared to £57.69m in the year before.
This growth during the 52 weeks ended 31 December 2023 was due to new openings, the annualisation of the prior year’s openings and the full year impact of the 2022 Chilango acquisition deal.
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The revenues included franchise income of £826,916, which increased from £647,851 for the prior year.
The company’s cost of sales for the period was £14.8m, which increased from £13.6m in the prior year.
Loss for the period and comprehensive income attributable to equity holders of the parent company stood at £1.09m in 2023, as against a loss of £638,222 in 2022.
It reported a gross profit of £50.79m in 2023, which jumped from £44.09m in 2022.
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By GlobalDataIts administrative expenses amounted to £50.10m, increasing from previous year’s £43.55m.
The adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2023 stood at £4.6m, growing by 15.8% from £4m in 2022.
Cash generated from operations in 2023 was £9.9m, rising by 30.3% from £7.6m year-on-year.
The company reported a net debt of £1.3m in 2023 that jumped from £0.6m a year before.
Tortilla Mexican Grill CEO Andy Naylor said: “Recent years have seen Tortilla expand strategically through a multi-channel approach, strengthening our operational model as a springboard for sustained, profitable growth. Throughout 2023, we dedicated ourselves to building resilience, especially enhancing profitability, as we recovered from macro events in 2022.
“Our efforts included streamlining costs, bolstering franchise partnerships, augmenting efficiency via technology investments, and enriching our team with fresh talent, all while continuing site deployments. These initiatives have solidified the foundation for our continued success.”
“The appetite for Mexican cuisine is surging, and Tortilla, as the dominant market leader in the UK, has an unparalleled set of advantages to capitalise on this burgeoning opportunity across the UK and Europe. Today, I’m pleased to unveil our reinvigorated strategic vision: ‘Tortilla’s Vital Five.’”
Tortilla’s Vital Five strategy includes improving UK profitability, investing in the brand to drive growth and investing in team and technology, doubling down on franchise and developing brand internationally.
