Tortilla reports revenue of £48.1m for 2021
Tortilla achieved a 79% increase in group revenue to £48.1m in the 2021 financial year, a 36% increase when compared with 2019, according to a trading update.
The fast-casual restaurant group said this was driven by growing customer demand across eat-in, takeaway and delivery, and underpinned by the continued roll-out of new sites.
During the financial year to 2 January 2022, Tortilla opened new stores in Edinburgh, Exeter and Windsor; new delivery kitchens in Balham, Manchester and Brent Cross; and launched its first site in partnership with Merlin Entertainments at Chessington World of Adventures, taking the total number of company-run locations to 51. Delivery now comprises more than 30% of total group revenue.
The group said trading continued to be "very positive" despite the emergence of the Omicron variant of Covid-19. The board was confident the group would perform in line with expectations for the 2022 financial year as the reduced financial assistance from the UK government would be offset by reduced trading restrictions.
The board also expressed confidence in Tortilla's plans to open 45 new sites in the next five years. Admission of the group to AIM in October 2021 raised £5m for the company to accelerate its growth plans.
Richard Morris, chief executive of Tortilla, said: "We are delighted to have maintained the very strong trading momentum, outlined at the time of our IPO, to achieve an excellent full-year performance. This was supported by the growing appeal of our proposition and the continued expansion of the Tortilla brand. Once again, the adaptability of Tortilla's offer supported us through the latter stages of the year to achieve a strong performance across both delivery and takeaway.
"In addition to delivering this very strong financial growth, we were pleased to achieve progress against a number of strategic objectives, including the launch and development of various partnerships, and growing our estate of delivery kitchens and traditional bricks and mortar locations, to meet the increasing customer preference for delivery of high-quality Californian-inspired Mexican cuisine."
Tortilla specialises in Californian-inspired Mexican cuisine and has 64 sites worldwide, comprising 51 sites in the UK operated by the group, three sites franchised to SSP Group in the UK, and 10 franchised sites in the Middle East. The business was founded in 2007 by Brandon Stephens, originally from California.
