Tortilla posts 20% rise in sales despite December pressure from strikes
The restaurant chain said it was boosted by the opening of 18 new sites over the past financial year, including in Durham, Canterbury and Coventry.
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Your support makes all the difference.Mexican restaurant chain Tortilla has revealed that sales jumped by a fifth over the past year despite the impact of train strikes and poor weather.
Shares in the group rose on Monday morning after the 85-strong chain revealed that revenues grew 20% to £57.7 million over the 12 months to January 1, compared with the same period last year.
It said it was boosted by the opening of 18 new restaurant sites, including in Durham, Canterbury and Coventry.
Tortilla’s growth plans were also buoyed by its takeover of smaller rival Chilango in May last year.
The hospitality firm told investors it has a “strong pipeline” of new venues to open next year, including sites in Derby and Greenwich, south-east London.
It also hailed a 16% rise in like-for-like sales over the latest quarter compared with pre-pandemic levels.
We remain as motivated and enthusiastic as ever about Tortilla's significant organic growth opportunities in the UK
Bosses said this came “despite challenging trading conditions in December due to the combined impact of poor weather and multiple train strikes”.
Tortilla said it benefited from favourable changes in some costs, actions taken by management and “strong trade” for most of the period and therefore expects profits for the year to be in line with previous targets.
Chief executive Richard Morris said: “We have a proven and highly popular customer proposition.
“During difficult economic times, restaurants that offer great, consistent food at competitive price points will be the winners, and we sit comfortably in this space.
“We continued to achieve excellent strategic progress during 2022, in line with our long-term growth strategy.
“Looking ahead, we remain as motivated and enthusiastic as ever about Tortilla’s significant organic growth opportunities in the UK, with the added excitement of growing our already successful franchise partnerships, both in the UK and abroad.”
Shares were up 9.2% at 95p after early trading on Monday.