Tortilla Mexican Grill shares resume trading as releases 2025 results
Shares in Tortilla Mexican Grill PLC were steady midday Monday, after the company's publication of its 2025 results allowed its stock exchange suspension to be lifted.
The stock was trading down 4.2% at 69.00 pence in London, having fallen more than 5% earlier.
The London-based chain of Mexican restaurants said it was "turning the page" on the accounting issues at its business in France that caused the delay to releasing its 2025 results ahead of the six-month deadline on June 30.
"Management is looking forward to executing the company's new three-year strategic plan, with our confidence in the business underscored by the UK and France's current [like-for-like] performance," said Founder & Chief Executive Officer Brandon Stephens.
Stephens, who founded Tortilla in 2007, returned to the business back in February, replacing Andy Naylor, who was in post for only two years.
At the time, Tortilla said it planned to eliminate loss-making stores in the UK and convert the remaining Fresh Burritos stores in France into Tortilla-branded stores.
Tortilla already had brought in Richard Haley as chief financial officer in October, replacing Maria Denny, who had been in post for only a year and a half.
The company also revamped its board, bringing in Duncan Garrood as a non-executive chair back in December, replacing Emma Woods. It also hired Gregor Grant, a former CFO of bar chain Loungers PLC, to be senior independent director and added Marta Pogroszewska, who had led Gail's Bakery, to the board as a non-executive director.
Loss before tax widened to £14.8 million in the 52 weeks that ended December 28 from £3.3 million a year before. Revenue rose 8.8% to £74.0 million from £68.0 million, but administrative expenses increased by 28% to £68.3 million from £53.3 million. Included in the higher expenses was a £9.9 million impairment, split equally between the UK and French estate, up from £1.4 million in 2024.
Tortilla said resolving the accounting issues in France resulted in £2.7 million in additional costs in the French business.
Tortilla said UK like-for-like sales grew by 6.2% in 2025, outperforming the market, and it noted that LFL sales growth strengthened in the second half, rising by 5.9% in the first quarter, 4.2% in the second, 6.9% in the third and 7.8% in the fourth.
UK LFL sales growth continued to pick up pace in the first half of 2026, partly thanks to Tortilla listing on delivery sites Deliveroo, Uber Eats and Just Eat in March. UK LFL sales were up 6.7% in the 12 weeks to March 22 and up 20% in the 14 weeks to June 28.
At the stores in France that have been converted to the Tortilla brand, include a flagship shop at Gard du Nord in Paris, like-for-like sales were up 22% in the second quarter, the company said.
Tortilla will hold its annual general meeting on August 25.
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