PizzaExpress posts £55.8m loss in 2018
The chain continues to battle with increased competition in the sector.
Pizza Express has posted a loss of £55.8m in 2018, an increase of more than 40% per cent from £31.6m the previous year.
Net debt stood at £607.7m at the end of the year, or over £1.12bn including a loan from the pizza chain’s parent company.
Chairman and chief executive officer Jinlong Wang explained that the figures were due to increased labour and property cost pressures in the UK, as well as increased competition in China. He also cited last year’s “extreme weather” as a factor in the results.
PizzaExpress unveiled a 15.3% fall in group earnings before interest, tax, depreciation and amortisation (EBITDA) to £80.2m and a 1.6% uptick in revenue to £543m last April.
The announcement, however, did not contain figures on losses and debt, which can be seen in the company’s full accounts.
