Wildwood restaurant owner Tasty reported a 44 per cent revenue boost to £34.9m this morning, despite obstacles in re-opening stores.
In its full year results, the casual dining group recorded weaker trading for the peak December period than anticipated, due to the onset of the Omicron variant.
However, the group hit a profit after tax for the period of £1.2m, compared to the loss of £12.7m in 2020.
After allowing for deferred HMRC payments, creditors and bank loan the Group’s net cash position at year-end was approximately £6.8m.
The group is made up of five dim t and 49 Wildwood restaurants, and the group is currently trading from 50 of 54 restaurants; these remain closed due to predicted poor trading conditions in their local areas or labour shortages.
Chief Executive Jonny Plant commented: “In response to the experience of the last two years we have strengthened our operating model. We have increased our delivery offering and avenues of delivery.”
“During 2022 we expect to facilitate a measured expansion plan for a pipeline of five to six new units, however, any expansion will be at a steady pace as 2022 will not be without its challenges with labour shortages, food inflation, the ending of Government support in terms of reduced VAT and business rates and utility price volatility, impacting profitability”, he added.
He said the group remained “cautiously optimistic” about expansion.