TRADING UPDATES: Tortilla Mexican Grill acts to stem French losses
The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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EKF Diagnostics Holdings PLC - Cardiff, Wales-based diagnostics and biotechnology company - Says trading to date for the full-year ended December 2026 remains in-line with market expectations for revenue of £54.6 million and adjusted earnings before interest, tax, depreciation and amortisation of £13.6 million. Operational cash generation continues to be ‘very strong’ alongside continued internal investment for growth and the ongoing share buyback programme. Cash position as of May 8 is £15.0 million. Commercial traction for Hematology remains strong, while within the Life Sciences division, ?-HB sales have performed above management expectations, and the pipeline and prospects for contract fermentation services continue to grow.
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Tern PLC - London-based ’internet-of-things’ focused investor - Raises £222,000 through a placing of 37 million shares at 0.60 pence each. CMC Markets UK PLC, trading as CMC CapX, acted as the sole placing agent.
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Water Intelligence PLC - London-based provider of water infrastructure technology solutions - Reaffirms 2026 guidance as first quarter year-on-year revenue growth more than doubles despite adverse weather conditions limiting execution during January. Growth drivers include US business-to-business channels for insurance and property management, up 16%, and the non-US international segment, up 38%. Total revenue in the three months to March is $23.2 million, up 8.9% from $21.3 million the year prior - the rate of growth in the year before was 4%, the company notes. Franchise royalty declines 2%, franchise-related activities grow 14%, US corporate locations increase by 3%, and international corporate locations jump by 38%. Adjusted Ebitda rises by 7.3% to $4.4 million from $4.1 million on-year, with an adjusted Ebitda margin steady at 19%. In addition, it says April revenue and Ebitda growth reinforce the first quarter growth momentum.‘ ’We anticipate continued growth momentum for our technology-enabled solutions platform as customers look to preventive maintenance to reduce the cost of water and the cost of damage from water leaks,‘ comments Executive Chair Patrick DeSouza.
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Regional REIT Ltd - London-based real estate investment trust focused on commercial property outside the M25 motorway - Reports portfolio value of £543.1 million at March 31 compared to £555.2 million at the end of 2025. Rent roll at March 31 is £49.8 million versus £50.4 million at the end of 2025. In the first quarter of 2026, undertakes six sales generating proceeds of £12.6 million, with a further three disposals totalling £2.5 million completed post-quarter. In addition, completes 26 new lettings and renewals, adding £1.1 million to the rent roll. EPRA occupancy for the core segment portfolio is 87.0% at March 31 versus 86.5% at December 31, reflecting ’stable core occupancy.‘
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Trustpilot Group PLC - Copenhagen, Denmark-based consumer review platform - Describes 2025 as an ’excellent‘ year in which strong execution helped deliver ’record‘ financial results. Bookings grew 18%, and adjusted Ebitda grew 69%, it notes. ’The momentum in the business, and tailwind of AI gives us immense confidence in the years ahead,‘ company adds.
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Tortilla Mexican Grill PLC - London-based fast-casual Mexican restaurant chain - Explains that items of operating expenditure in the French business of up to £2.5 million have been identified which had been recognised on the group’s balance sheet during financial 2025 (and potentially FY24), but which were not expensed through the profit and loss account in the relevant period. The review is ongoing, it adds. As a result, FY25 adjusted Ebitda is now expected to be up to £2.5 million lower than indicated in the trading update in January at £1.5 million, with a corresponding adjustment to the closing balance sheet. Guidance on FY25 adjusted Ebitda for the UK business remains unchanged at around £6.5 million. The adjustment has no impact on FY25 cash flow. However, the adjustment does lead to potential retrospective covenant breaches, and the company is in discussion with its lender about ’appropriate waivers‘ should that be the case. Final figures remain subject to completion of the audit. In addition, Tortilla says it has initiated a structural reset of the French business to address losses and accelerate the path to profitability. This includes job cuts at Head Office, the sale of underperforming Fresh Burritos stores and driving further growth in converted stores. In the UK, trading is ’strong‘. UK like-for-like sales are running at 12.0% in the 20 weeks ended May 17, ahead of the 7.8% achieved in the fourth quarter of 2025 and ’materially‘ ahead of the wider sector benchmark.
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