Tortilla reports 14% revenue growth and hails 'appetite for Mexican cuisine'
Tortilla has reported a 14% increase in revenue to £66m as new chief executive Andy Naylor claims that "the appetite for Mexican cuisine is surging".
The group, which operates 87 restaurants globally, including through partnerships with SSP Group and Compass Group, said like-for-like sales for the 52 weeks to 31 December 2023 were up 3.6%.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) was up 16% at £4.6m, while Tortilla registered a loss before tax of £1.1m against a loss in 2022 of £0.9m.
Tortilla said that as a result of negotiations with main suppliers it now operates a gross profit margin of 77.3%, compared to 76.4% in 2022.
The group added that it is planning at least five openings this year as it focuses on franchising opportunities.
Naylor, who last week ran a marathon between all London restaurants to visit each site, added: "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."
