Tortilla revenues increase 22% in H1
The group has announced further expansion plans, with the first Northern Ireland location set to open this week
Fast-casual Mexican restaurant group, Tortilla Mexican Grill, has reported a 22% revenue increase to £32.7m for the half year ended 2 July 2023.
The group’s LFL revenue also increased 8.4% during the period. Net debt reported was in line with expectations at £1.6m.
Tortilla reported that franchised sites performed particularly well with “record sales” being achieved in all SSP locations.
During H1 2023, the group also opened new sites in Derby and Greenwich as well as an additional franchise site at Manchester Piccadilly. In total, there are now 85 sites at the end of the period.
In addition, the group has announced that the first location in Northern Ireland is set to open this week in Belfast, with another one in Bracknell in the coming weeks.
Richard Morris, CEO of Tortilla, said: “We are pleased to have delivered good revenue growth and further strategic progress in the first half. Our strong LFL sales growth has been ahead of industry comparatives reflecting the appeal of our high quality, healthy and customisable great value propositions.
“We continue to deliver on our disciplined but ambitious approach to new site openings and strategic expansion, with all of our new openings performing well and meeting our expectations. Our franchise sites also continue to perform well with our SSP sites achieving record results and we remain hugely excited by the significant franchise growth opportunities in the UK and overseas.”
