Pizza Hut Europe reports $10.8m after tax profit for 2023

This comes after reporting a $126.7m loss the year before.

Pizza Hut Europe reported an after-tax profit of $10.8m (£8.25m) for the year ending 2023, bouncing back from a loss of $126.7m (£96.84m) the year before.

According to the group’s financial statement, in 2022 Pizza Hut Europe recognised an impairment loss of $135m related to intellectual property. The value of the intellectual property and no further impairment were deemed necessary.

“Notwithstanding the pressures of the current economic climate, the company has made the appropriate investments and taken a considered path forward to ensure that the business continues to grow whilst delivering improved returns,” the firm said.