Tasty H1 revenues rise 33%

Casual dining owner and operator Tasty has reported a 33% year-on-year revenue increase to £11.6m in H1 FY21.

The group also revealed that it swung to an adjusted EBITDA of £800,000 in the 26-week period ended 27 June 2021, up from £100,000 losses the previous year.

While the owner of Wildwood and Dim T did see losses after tax for the period of £2.7m, this represented a reduction from the £11m losses reported in H1 FY20.

Keith Lassman, chairman at the group, said that the group has been able to “navigate its way through the issues” of the pandemic, despite what was a “very challenging time”.

A bank loan of £1.25m was drawn down during the period, while the allowance for aged creditors resulted in net cash of £4.2m at the period end, compared with a net debt of £400,000 on 28 June 2020.

Lassman added: “Our new bank facility and support from our creditors and landlords, as well as Government support, has seen us through this difficult period, and we now have a viable platform on which to build a successful business.

“Tasty is now in a good position to take advantage of the opportunities in the sector due to reduced competition and vacant restaurant and retail space.”