Tortilla after tax loss climbs to £3.3m despite UK like-for-like sales recovery
Group revenue grew to £68m in 2024.
Mexican chain Tortilla reported an after tax loss of £3.3m for the full-year 2024, despite like-for-like (LFL) sales improving from a dip of 6% in March 2024 to an increase of 9% a year later.
The group said the loss was driven by the one-off exceptional cost relating to the acquisition of Fresh Burritos, and an impairment charge recorded in the period in respect of a small number of UK locations.
Tortilla’s revenue grew to £68m in 2024 from £65.7m the year before. However, group LFL sales marginally declined by 0.1%, impacted by a challenging Q1 and Q2, and a strong rebound in H2 highlights improving momentum.
The group reported an adjusted EBITDA (pre-IFRS 16) of £4.5m with an increase in the UK to £5.2m offset by the expected early-stage losses from our acquisition of £0.7m. Meanwhile, gross profit margin held strong at 76.6%. UK in-store margin improved by 0.5%; however, France contributed a dilutionary impact as expected before the build of its central kitchen in Lille.
Operating cash generation increased to £10.7m.
The group said the UK FY outlook is in line with management expectations.
