Global chicken restaurant chain Nando’s slashed its losses by more than half and saw revenues rise significantly in its last financial year as the group continues to recover from the impact of the Covid-19 pandemic.
The chain, which has almost 900 sites across the globe, saw its revenues rise to £1.07 billion in the year to 17 February 2022, an increase of 60.3% from the £664.9 million in revenues reported for the same period in the previous financial year.
The company reported that its pre-tax losses were more than halved from £241.8m in the year to February 2021, down to £99.5m in the year ending February 2022.
Rob Papps, group chief executive at Nando’s, said the company has seen a “significant bounce back in consumer demand” following the impact of the pandemic, but warned that he expected 2023 to be “another volatile year”.
Mr Papps said that despite seeing a strong recovery, sales were still impacted in the company’s last financial year due to rising costs, supply chain pressures and wage price inflation.
The number of stores across the company’s global portfolio was reduced from 913 to 898 during its last financial year.
Nando’s also said that the year ending February 2021 had been its “most challenging year” ever.