Nando’s revenues hit £1.2bn in FY23
Operating profit for the company returned to £17m for the first time since 2020 as margin on returning sales exceeded its fixed operating costs
Nando’s has reported that revenues increased to £1.2bn for the year ending February 2023 with sales for the group in excess of pre-pandemic levels.
Operating profit for the company returned to £17m for the first time since 2020 as margin on returning sales exceeded its fixed operating costs. The group made a loss before tax for the year of £86.2m, compared with £99.5m in FY22.
During the period, the number of restaurants in operation increased to 893 at 26 February 2023, which includes 753 company-owned restaurants and 140 run on a franchise basis.
In the first quarter of the current financial year ending February 2024, sales across the group continued to grow despite the high levels of inflation. The company has also said to continue increasing the number of company-owned restaurants.
Rob Papps, group chief executive of Nando’s, said: “The 2023 financial year saw Nando’s deliver a steady recovery to pre-pandemic sales and a return to operating profit driven by strong consumer demand for our flame-grilled PERi-PERi chicken supported by our brand and customer proposition. Despite the improved sales performance, cost pressures including higher energy, labour and food prices remained a challenge.
“The macro-economic outlook for 2024 remains uncertain but we are continuing to invest for the future, with further menu innovation, enhancements to our digital capabilities and new restaurant openings planned in all our markets, including 14 in the UK.”