Tortilla Mexican Grill

MEX · AIM · Travel and Leisure · mcap £28m · 71.0p

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Financials · LTM to 28 Jun 26

Source: results 29 Sep 26 ↗

Revenue: £76.1m
Operating profit: −£9.4m
Net income: −£12.9m
Free cash flow: −£2.0m
Net debt: £12.7m
Market cap: £27.5m
EV / EBIT: –
FCF yield: −7.3%
Price / book: –

Latest half-year · H1 26 vs H1 25 results 29 Sep 26 ↗

Revenue: £38.5m
Operating profit: −£186k
Net income: −£1.6m
Cash from operations: £3.6m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 28 Jun 26), published 29 Sep 26 · read the results ↗

Source ↗

	26 weeks ended 28 June 2026 £'000	Restated* 26 weeks ended 29 June 2025 £'000
Revenue	38,454	36,316
Cost of sales	(9,732)	(8,989)
Gross profit	28,722	27,327
Administrative expenses	(28,908)	(30,228)
Operating loss	(186)	(2,901)
Finance income	4	8
Finance expense	(1,423)	(1,160)
Loss before tax	(1,605)	(4,053)
Tax on loss	3	281
Loss for the Period and comprehensive income attributable to equity holders of the parent company	(1,602)	(3,772)
FX translation	150	73
Total other comprehensive income for the Period	150	73
Total comprehensive income for the Period	(1,452)	(3,699)
Loss per share attributable to the owners of the parent during the Period
Basic and diluted (pence)	(4.1)	(9.8)

Source ↗

	26 weeks ended 28 June 2026 £'000	Restated* 26 weeks ended 29 June 2025 £'000
Cash flows from operating activities
Loss for the financial Period	(1,602)	(3,772)
Adjustments for
Amortisation of intangible assets	14	17
Depreciation of right-of-use assets	2,106	2,712
Depreciation of property, plant and equipment	1,839	2,242
(Gain) / loss on disposal of non-current assets	(856)	352
Decrease in finance lease receivable	46	-
Net finance expense	502	255
Taxation (credit)	(3)	(281)
Decrease / (increase) in inventories	128	(129)
Decrease in trade and other receivables	132	1,194
Increase / (decrease) in trade and other payables	340	(1,643)
Share-based payments	14	144
Finance cost on lease liabilities	917	897
Net cash generated from operations	3,577	1,988
Cash flows from investing activities
Purchase of intangible fixed assets	(6)	(34)
Purchase of tangible fixed assets	(1,162)	(2,015)
Interest received	4	8
Deferred consideration paid on prior year acquisitions	-	(176)
Net cash from investing activities	(1,164)	(2,217)
Cash flows from financing activities
Interest paid	(506)	(263)
Payments made in respect of lease liabilities	(3,712)	(3,724)
Loan drawdown	-	1,116
Loan repayments	(280)	-
Net cash used in financing activities	(4,498)	(2,871)
Net decrease in cash and cash equivalents	(2,085)	(3,100)
Cash and cash equivalents at the beginning of Period	(305)	2,761
Foreign exchange gain / (loss)	133	(72)
Cash and cash equivalents at the end of Period (a)	(2,257)	(411)

Source ↗

	28 December 2025 £	29 December 2024 £
Revenue	73,989,937	67,999,489
Cost of sales	(18,323,090)	(15,899,248)
Gross profit	55,666,847	52,100,241
Administrative expenses	(68,291,455)	(53,286,745)
Other income	526,050	-
Operating loss 4/5	(12,098,558)	(1,186,504)
Finance income	14,139	83,999
Finance expense	(2,668,943)	(2,214,464)
Loss before taxation	(14,753,362)	(3,316,969)
Tax on loss	(356,634)	(9,502)
Loss for the period and comprehensive income attributable to equity holders of the parent company	(15,109,996)	(3,326,471)
Basic and diluted (pence)	(39.1)	(8.6)

Source ↗

	28 December 2025 £	29 December 2024 £
Non-current assets
Intangible assets	1,893,648	4,909,031
Tangible assets	12,847,176	15,169,803
Right-of-use assets	24,567,489	31,592,056
Finance lease assets	201,477	-
Total non-current assets	39,509,790	51,670,890
Current assets
Inventories	550,095	547,753
Trade and other receivables	4,162,728	3,299,473
Cash and cash equivalents	1,608,931	2,760,960
Finance lease assets	92,500	-
Total current assets	6,414,254	6,608,186
Current liabilities
Trade and other payables	(12,706,121)	(12,180,782)
Lease liabilities	(6,655,823)	(7,060,640)
Loans and borrowings	(12,190,476)	-
Net current liabilities	(25,138,166)	(12,633,236)
Total assets less current liabilities	14,371,624	39,037,654
Non-current liabilities
Loans and borrowings	(406,926)	(8,433,523)
Lease liabilities	(28,852,652)	(30,489,693)
Deferred taxation	(957,053)	(600,419)
Net liabilities	(15,845,007)	(485,981)
Equity attributable to equity holders of the company
Called up share capital	386,640	386,640
Share premium account	4,433,250	4,433,250
Share based payment reserve	790,490	794,585
Merger reserve	4,793,170	4,793,170
FX reserve	(244,935)	-
Retained earnings	(26,003,622)	(10,893,626)
Total equity	(15,845,007)	(485,981)

Source ↗

	28 December 2025 £	29 December 2024 £
Cash flows from operating activities
Loss for the financial period	(15,109,996)	(3,326,471)
Adjustments for
Amortisation of intangible assets	34,163	14,045
Depreciation of right-of-use assets	5,333,400	4,685,847
Depreciation of property, plant and equipment	4,526,824	4,054,126
(Gain)/loss on disposal of non-current assets 15/ 16	(366,151)	126,690
Net finance expense 9/10	777,661	393,782
Taxation charge	356,634	9,502
(Increase) in inventories	(2,342)	(156,032)
(Increase) / decrease in trade and other receivables	(863,255)	162,555
Increase in trade and other payables	955,324	918,854
Impairment of property, plant and equipment	1,672,483	598,291
Impairment of right-of-use assets	5,350,726	158,538
Impairment of intangible assets	2,891,220	684,757
Corporation tax received / (paid)	-	571,145
Share based payments	(4,095)	(45,393)
Finance cost of lease liabilities	1,877,143	1,735,062
Net cash generated from operations	7,429,739	10,585,298
Cash flows from investing activities
Purchase of intangible assets	(16,917)	-
Purchase of tangible fixed assets	(4,249,780)	(4,999,191)
Interest received	14,139	83,999
Acquisitions, net of cash acquired	(180,860)	(1,350,253)
Proceeds on sale of disposal of non-current assets	250,000	-
Net cash from investing activities	(4,432,545)	(6,265,445)
Cash flows from financing activities
Interest paid	(791,800)	(477,781)
Payments made in respect of lease liabilities	(7,623,278)	(6,853,314)
Loan drawdown	2,800,000	4,200,000
Loan repayment	(461,217)	-
Net cash used in financing activities	(6,076,295)	(3,131,095)
Net (decrease) / increase in cash and cash equivalents	(3,079,101)	1,188,758
Cash and cash equivalents at the beginning of period	2,760,960	1,644,674
Foreign exchange gain /(loss)	13,277	(72,472)
Cash and cash equivalents at the end of period	(304,864)	2,760,960

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	76.1	74.0	68.0
Gross profit	57.1	55.7	52.1
Operating profit	(9.4)	(12.1)	(1.2)
Depreciation (owned assets)	4.1	4.5	4.1
Depreciation (right-of-use)	4.7	5.3	4.7
Amortisation	0.0	0.0	0.0
Share-based payments	(0.1)	(0.0)	(0.0)
Operating profit to net income
Finance costs	(2.9)	(2.7)	(2.2)
Profit before tax	(12.3)	(14.8)	(3.3)
Tax	(0.6)	(0.4)	(0.0)
Net income (owners)	(12.9)	(15.1)	(3.3)
Per share
EPS basic	(33.4p)	(39.1p)	(8.6p)
EPS diluted	(33.4p)	(39.1p)	(8.6p)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	38.5	+6%	37.7	36.3
Gross profit	28.7	+5%	28.3	27.3
Adjusted EBITDA	0.5	n/m	–	(0.4)
Exceptional / adjusting items	1.1	+379%	–	0.2
Operating profit	(0.2)	n/m	(9.2)	(2.9)
Depreciation (owned assets)	1.8	−18%	2.3	2.2
Depreciation (right-of-use)	2.1	−22%	2.6	2.7
Amortisation	0.0	n/m	0.0	0.0
Share-based payments	0.0	−90%	(0.1)	0.1
Operating profit to net income
Finance costs	(1.4)	+23%	(1.5)	(1.2)
Profit before tax	(1.6)	n/m	(10.7)	(4.1)
Tax	0.0	−99%	(0.6)	0.3
Net income (owners)	(1.6)	n/m	(11.3)	(3.8)
Per share
EPS basic	(4.1p)	–	(29.3p)	(9.8p)
EPS diluted	(4.1p)	–	(29.3p)	(9.8p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	9.0	7.4	10.6
Interest paid	(1.0)	(0.8)	(0.5)
Investing activities
Capex (PP&E)	(3.4)	(4.2)	(5.0)
Capex (intangibles)	0.0	(0.0)	0.0
Financing activities
Lease principal paid	(7.6)	(7.6)	(6.9)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	3.6	+80%	5.4	2.0
Interest paid	(0.5)	+92%	(0.5)	(0.3)
Investing activities
Capex (PP&E)	(1.2)	−42%	(2.2)	(2.0)
Capex (intangibles)	(0.0)	n/m	0.0	(0.0)
Financing activities
Lease principal paid	(3.7)	0%	(3.9)	(3.7)

	28 Jun 26	28 Dec 25	29 Dec 24
Non-current assets
Other intangibles	1.9	1.9	4.9
Property, plant & equipment	12.2	12.8	15.2
Current assets
Inventories	0.4	0.6	0.5
Trade receivables	4.0	4.2	3.3
Cash	1.5	1.6	2.8
Current assets	6.1	6.4	6.6
Current liabilities
Trade payables	13.0	12.7	12.2
Borrowings, current	3.8	12.2	0.0
Lease liabilities, current	6.6	6.7	7.1
Current liabilities	23.4	31.6	–
Non-current liabilities
Borrowings, non-current	10.4	0.4	8.4
Lease liabilities, non-current	25.4	28.9	30.5
Equity
Total equity	(17.3)	(15.8)	(0.5)
Net cash and other figures
Net cash / (debt) ex leases	(12.4)	–	–
Shares in issue	–	38.7m	–
Undrawn facilities	–	1.9	–

	28 Jun 26	28 Dec 25	29 Jun 25	29 Dec 24
Non-current assets
Other intangibles	1.9	1.9	4.9	4.9
Property, plant & equipment	12.2	12.8	14.6	15.2
Current assets
Inventories	0.4	0.6	0.4	0.5
Trade receivables	4.0	4.2	5.0	3.3
Cash	1.5	1.6	1.6	2.8
Current assets	6.1	6.4	7.0	6.6
Current liabilities
Trade payables	13.0	12.7	12.5	12.2
Borrowings, current	3.8	12.2	2.0	0.0
Lease liabilities, current	6.6	6.7	6.9	7.1
Current liabilities	23.4	31.6	21.5	–
Non-current liabilities
Borrowings, non-current	10.4	0.4	9.9	8.4
Lease liabilities, non-current	25.4	28.9	28.0	30.5
Equity
Total equity	(17.3)	(15.8)	(4.0)	(0.5)
Net cash and other figures
Net cash / (debt) ex leases	(12.4)	–	(9.9)	–
Shares in issue	–	38.7m	–	–
Undrawn facilities	–	1.9	–	–

Read automatically from each results announcement. Check the source before relying on a figure.

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Company filings. Not investment advice.