Tortilla revenue surges 20% amidst record new site openings

The group saw 18 new sites opening in 2022.

Mexican fast-casual brand Tortilla records a revenue increase of 20%, driven by a record year of new site openings for the 52 weeks that ended 1 January 2023.

Like-for-like (LFL) revenue is up 16.4% vs 2019. Adjusted EBITDA (pre-IFRS 16) was £4.0m (FY2021: £8.7m). Notably, FY2021 included £3.9m of VAT benefit. The gross profit margin was 76.4%, down from FY2021 79.6%.

2022 was a year of record growth for Tortilla. The group saw 18 new sites opening, increasing the total number of sites to 82 at the period end. 

In May 2022, the group acquired Chilango strengthening the group’s market position in London with five of eight sights converted to Tortilla branding whilst the three remaining sites were refurbished post-acquisition.

“The beginning of 2023 has started well with like-for-like sales up 4% in the 8 weeks to 26 February. We know that restaurants that offer great, consistent food at competitive price points will always be the winners in our sector, and we are confident that we sit very comfortably in this space. We remain highly motivated and excited about Tortilla’s continued growth potential in the UK as well as our opportunities to build on our proven franchise operations to expand overseas,” Richard Morris, CEO of Tortilla said.