Restaurant owner Tasty ‘confident’ in return to growth as cost-saving measures prevail
Tasty plc, the restaurant group behind the Dim T and Wildwood brands, has posted an uptick in revenue and said it remained “confident” in its restructuring plans.
The AIM-listed group, which currently operates 54 locations across the UK, posted revenue of £46.9m for 2023, up from £44m in 2022, a 6.5 per cent year-on-year increase.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at £4.4m, up from £2.6m in 2022.
It comes after the group announced a restructuring plan in April after a challenging trading year.
Under its proposed restructuring plan, 20 loss-making sites were to be shuttered, of which two are currently closed.
Tasty chairman Keith Lassman said: “Post year-end, the Board took considered action to reshape the Group’s estate and correct the trading decline and the projected EBITDA loss trajectory.
“The board believes that the decisions taken have placed the Group on a firm footing to enable growth in the future.”
The restaurant group had continued to face the effects of the “work from home” culture that came with Covid, Lassman said, as well as transportation strikes, bad weather and lack of consumer spending.
Lassman added: “The board expects the group’s performance to continue to be impacted by energy costs, labour costs and increasing food costs, pressure on consumer spend as well as the negative impact on sales of events including the Euros 2024, the Olympics and the upcoming General Election.
“However, an uplift is expected towards the end of the year when a new Government will be in place and the Group will have a reached a period of stability post restructuring plan with the all the benefits of the smaller, more profitable estate the cost efficiencies will be apparent.”