Tortilla Mexican FY revenues grow despite 'ongoing macroeconomic challenges'

Restaurant group Tortilla Mexican Grill said on Monday that its trading performance had remained "highly resilient" throughout 2022 despite "ongoing macroeconomic challenges".

Tortilla stated group revenues rose 20% year-on-year to £57.7m, driven by the "ongoing strength" of its customer proposition and demand for its sector-leading brands, as well as the continued expansion of its site portfolio. Like-for-like revenue was up 16.4%.

Delivery demand was also said to have remained "stable" as the group expanded and diversified delivery partners to now include Uber Eats, Just Eat, and Deliveroo.

Tortilla added that LFL sales growth in Q4 was "strong" despite uncertainties impacting the market and wider sector in the short term. It also highlighted that it remains "confident" in the outlook for 2023 and beyond, and the group's ability to continue to implement its "proven growth strategy".

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.

"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.

As of 1025 GMT, Tortilla shares were untraded at 87.0p.

Reporting by Iain Gilbert at Sharecast.com