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Fri 8th Dec 2017 - Nando's reports turnover up 13.9% to £848m but falls to £13m pre-tax loss
Nando’s reports turnover up 13.9% to £848m but falls to £13m pre-tax loss: Nando’s Group Holdings has reported turnover rose 13.9% to £847,914,000 for the year ending 26 February 2017 compared with £744,167,000 the previous year driven by organic growth in its key markets, including the UK and Ireland. The company reported a pre-tax loss of £12,923,000 compared with a profit of £19,118,000 the year before, according to accounts filed at Companies House. This was partly due to a significant increase in capex to £151.4m (2016: £107.3m). At the period-end, the group had net assets of £56.4m (2016: £42.4m). During the year, the group acquired an increased stake in its Singaporean and Malaysian businesses, taking ownership from 30% in each to 49%. The company opened 47 new restaurants in the year taking the total to 908, of which 241 are run on a franchised basis. During the period the company opened its first franchise restaurant in Saudi Arabia. The company stated: “Revenue for the 52-week period was £847.9m (2016: £744.2m). This increase of £103.7m was driven by organic growth in key markets, which include the UK, Ireland, US, Canada, India, Australia, New Zealand, Malaysia and Singapore, along with increased sales associated with new restaurants and franchise acquisitions. Gross profit for the period under review was £194.8m, which represents a margin of 23.0% (2016: 25.4%) and reflects investment in our people and growing international footprint. Operating profit for the period was £46.7m (2016: £65.9m), reflecting higher administrative costs as we grow our global business. There was also a goodwill impairment charge of £12.7m recognised in the Australia and Asia region reflecting lower than anticipated growth from recent investments and difficult trading conditions. These results include revenue and costs from smaller developing overseas markets that have restaurant expansion programmes in place. The businesses operating in overseas markets have not fully matured and the number of restaurants in these markets still need to reach critical mass. We expect significant growth potential in these markets and will continue to invest in opening new restaurants. Group capital investment (including investment in tangible, intangible, investment in equity accounted investments and business combinations) for the period rose to £151.4m (2016: £107.3m), in line with our strategy to invest in extending our global restaurant footprint and refurbishing existing restaurants, technology and systems where necessary. As a consequence of this investment, financing costs increased to £68.4m (2016: £47.7m). The direct corporate taxes that the group has paid to national governments in the 2017 year amounts to £17.7m (2016: £10.5m). The group also contributes further direct and indirect taxes including social security, property taxes, local taxes and value added taxes. The group made a loss before tax for the year under review of £12.9m (2016: profit before tax of £19.1m). During the period the group disposed of its subsidiary, Gourmet Burger Kitchen Retail and its related subsidiaries.” The number of employees during the period grew to 16,625 compared with 14,430 the previous year.


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