Tasty PLC – London-based casual dining operator – Against a backdrop of sharply rising operating costs, pre-tax loss widens sharply from £6.4m in 2022 to £14.5m in 2023. However, revenue increases by 6.5% from £44.0m to £46.9m. Operating expenses increase from £4.4m to £14.8m. Cost of sales increases by 1.4% from £44.1m to £44.8m. Tasty notes an increase in labour costs, citing the increase in the UK National Living Wage in April “and general inflationary pressures on wages”. Adjusted earnings before interest, tax, depreciation and amortisation increase from £2.6m to £4.4m. Looking ahead, chairman Keith Lassman said: “The board believes the restructuring plan will enable the group to stabilise towards the end of the year, with significant improvement in Ebitda performance expected over the next two years through site rationalisation and other tangible cost savings.” Tasty said it was “now on a solid footing for potential future growth.”
Current share price: 1.12 pence each, down 20% as of Friday lunchtime in London
Change over 12 months: down 54%.
By Tom Budszus, Alliance News Editor
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