Honest Burgers unveils growth plans amid ‘exceptional’ H1 results
The group stated that strong sales growth was driven by both dine-in and delivery covers
Honest Burgers has unveiled plans to quadruple the size of its business by 2030 amid “exceptional” H1 results with like-for-like sales growth of 11%, hitting £30m in revenues.
The brand’s profitability is also ahead of forecast, with over 60% growth in EBITDA performance.
Moreover, Honest Burgers has consistently been “outperforming” the market by an average of 10 percentage points vs the Coffer Peach Business Tracker.
The burger restaurant group has also recently filed accounts for year ending January 2024, which showed a like-for-like sales growth of 21% with turnover increasing by £8.1m to £56.4m, which is a 17% increase vs the previous year.
The group stated that strong sales growth was driven by both dine-in and delivery covers.
However, adjusted EBITDA was flat year-on-year as the business felt the impact of utilities inflation, where costs were more than double the previous year.
Alongside its business expansion plans, Honest Burgers is now set to launch a new smashed burger concept later this year, supported by Honest Burgers crowdfunding, which raised almost £2.7m in 2023.
The concept will offer an extended range of smashed burgers, loaded chips and milkshakes, served in a “quick service” format.
Matt Brandon, CEO, Honest Burgers, said: “We’ve had a great first half of this year, which follows a strong performance last year, showing that demand for great quality burgers at great value for money continues to grow.
“Our restaurant teams are doing an exceptional job and we’re all excited for the year ahead, especially with the announcement and launch of our new smashed burger concept. This is the start of our ambition to quadruple the size of the business by 2030.”