Tasty PLC - London-based casual dining restaurant operator - Amid sharply higher operating costs, reports pretax loss widens sharply to £14.5 million in 2023 from £6.4 million in 2022. However, revenue climbs 6.5% to £46.9 million from £44.0 million. Operating expenses balloon to £14.8 million from £4.4 million. Cost of sales increase 1.4% to £44.8 million from £44.1 million. Tasty notes higher labour costs, citing the increase in the UK national living wage in April ‘and general inflationary wage pressures’. Adjusted earnings before interest, tax, depreciation and amortisation improve to £4.4 million from £2.6 million. Looking ahead, Chair Keith Lassman says: ‘The board believes that the restructuring plan will allow the group to stabilise towards the end of the year, with a significant improvement in Ebitda performance expected over the next two years through site rationalisation and other tangible cost savings.’ Tasty says it is ‘now on a secure footing for potential future growth’.
Current stock price: 1.12 pence each, down 20% on Friday noon in London
12-month change: down 54%
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