Trading Statement
H1 2025 revenue up 12.4% to £35.4m with UK like-for-like growth of 5.0%, outperforming sector.
vs expectations: in line
- Revenue H1 2025 £35.4m (prior £31.5m)
- UK like-for-like growth +5.0%
- Adjusted EBITDA (pre-IFRS 16) £1.2m
- UK business EBITDA gain £2.4m (prior £1.8m)
- Group net debt (pre-IFRS 16) £9.8m
- Self-ordering kiosks live 32 locations
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Tortilla Mexican Grill PLC ("Tortilla" or the "Group"), the largest and most successful fast-casual Mexican restaurant group in Europe, provides a Trading Update for the half year ended 29 June 2025 ("H1 2025", or "the Period").
Highlights
| · | Revenue for H1 2025 was £35.4m, up £3.9m on H1 2024, with UK like-for-like ("LFL") growth of +5.0%. |
| · | UK LFL revenue growth was +5.9% for Q1 and +4.2% for Q2. The industry benchmark, CGA Coffer, reported LFL revenue declines of (2.5%) and (3.4%) respectively. |
| · | The franchise network is performing strongly: · H1 LFL revenue growth was +12.8% for the UK and +16.8% for the UAE. · Weekly sales records were achieved in 13 locations across these markets. |
| · | Self-ordering kiosks continue to be rolled out at pace with 32 locations now live as part of the Group's ongoing strategic commitment to investing in technology. |
| · | In France, contractors are now on site in the planned refurbishment locations and we expect the majority of sites to have been transformed to Tortilla by the end of year. |
| · | Adjusted EBITDA (pre-IFRS) [1] was £1.2m. The UK business generated a gain of £2.4m, 33% higher than last year (H1 2024: £1.8m) whilst the French business contributed a loss of (£1.2m) in the period, as we continue to invest for long-term growth and brand building across the continent. |
| · | Group net debt (pre-IFRS 16) of £9.8m at Period end, with year-end Group net debt expected to be in-line with market expectations. Debt facilities were successfully refinanced with Santander, to support the Group with the next phase of growth. |
Outlook
The Group has delivered a robust trading performance through the first half of the year, with strong momentum continuing into H2. Recent trading has reflected a positive customer response to our summer menu initiatives and select promotion activity, which is pleasing against what continues to be a challenging wider market back-drop. The Board expects the Group's FY 2025 results to be in line with market expectations.
Andy Naylor, CEO at Tortilla commented:
"I'm pleased to report that Tortilla has delivered a strong first half, continuing the positive momentum across the business. Our UK operations are outperforming the wider sector and our LFL sales remained resilient through the spring and early summer, despite the impact of unusually hot weather.
Our strategic initiatives to enhance the food offer and sharpen brand identity are clearly resonating with customers. The recent launch of our summer menu, featuring salads and protein pots, has been particularly well received and have supported UK LFL growth of around 10% in July.
Our franchise estate is also trading well, and we continue to expand our footprint with new openings across the UK. We're especially excited to open our first site in Abu Dhabi in early August.
The conversion project in France is now underway, marking the first step in our pan-European growth strategy. We're excited to introduce the Tortilla brand to this new market as we expand our presence across the continent."
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