Honest Burgers turnover rises 26% in FY23
The burger chain also revealed that adjusted EBITDA before exceptional items rose by 247% to £4.2m, as operating losses narrowed by 74% to a loss of just £1.4m
Honest Burgers has reported a “strong” restaurant performance as turnover increased by £10.1m to £48.3m during the year to 29 January 2023, spelling a 26% rise on the previous year.
The burger chain also revealed that adjusted EBITDA before exceptional items rose by 247% to £4.2m, as operating losses narrowed by 74% to a loss of just £1.4m compared with £5.4m in FY22. Exceptional items also decreased by 34% to £2.4m.
The group has attributed its recovery to a continued shift in customer behaviour post-pandemic, particularly in London, which meant that Honest Burgers achieved a like-for-like sales rise of 11.3% compared to the prior year.
While Honest Burgers opened two sites during the period, it had subsequently closed four sites after 29 January 2023 and made the decision to withdraw from the dark kitchens model.
According to the group’s filings on Companies House, Honest Burgers has “emerged strongly from the pandemic and shown us that the demand for quality products and service will thrive under any circumstances”.
The company has also completed a head office restructure and continues to drive efficiencies to further the long term ambitions of the business.
For the period ended January 2024, Honest Burgers also noted that like-for-like sales growth rose 23%, primarily driven by increased transactions with customers.