Published:
Photo by RDNE Stock project on Pexels
Papa John’s UK net loss surges to £18.5m in 2023
Its operating loss also increased to £8.6m.
Papa John’s (GB) Limited has recorded a net loss of £18.5m in 2023, according to their financial report for the year ending 31 December 2023.
The company’s loss on ordinary activities before interest and tax increased to £19.9m in 2023 from £4.2m, whilst their operating loss also increased to £8.6m in 2023 from £4.2m in 2022.
Meanwhile, its gross profit increased by 9.8% to £27.4m in 2023 from £24.9 in 2022.
On 22 February 2024, its board of directors decided to close 43 stores in the UK, and the valuation of its assets and liabilities in 2023 was evaluated as a result of this decision.
The company has also closed 15 stores in 2023 and its like-for-like sales across UK and Ireland declined by 5.7%.
