Nando’s eyes 14 more restaurants in the UK after robust year

Operating profit grew to £17m from a loss in the previous financial year.

Nando’s Group Holdings is planning to open 14 more restaurants between the financial year of 2023-2024 as the group reported a robust financial performance.

This confidence was bolstered by a robust year, with Nando’s reporting an operating profit of £17m for the year to 26 February 2023, compared to a £1.2m operating loss from a year before.

Sales for the year went up to £1.27b compared to £1.06b from a year earlier, boosted by a strong recovery in consumer demand in the UK and restaurant openings throughout the financial year.

The company still suffered a £86.2m pre-tax loss for the latest year after exceptional items.

“The 2023 financial year saw Nando’s deliver a steady recovery to pre-pandemic sales and a return to operating profit driven by strong consumer demand for our flame-grilled peri-peri chicken supported by our brand and customer proposition. Despite the improved sales performance, cost pressures including higher energy, labour and food prices remained a challenge,” Rob Papps, group chief executive of Nando’s said.