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Wed 24th Nov 2021 - Papps – Nando’s suffered the ‘the most challenging year in its history’
Papps – Nando’s suffered the ‘the most challenging year in its history’: Rob Papps, group chief executive of Nando’s, said the peri-peri chicken chain suffered “the most challenging year in its history” as its full-year losses widened to more than £240m, but that it is “well-placed” to rebound. Accounts for the company's financial year to February 2021 show it posted a £241.8m pre-tax loss, following a £99.4m loss the previous year. Revenues fell by 39.3% to £665m, after the group was impacted by covid-related restrictions. The company reduced its capital investment by almost half – dropping to £54.2m from £97.4m a year earlier – as it sought to conserve cash. It also secured £100m in equity from its South African parent business during the year, and agreed some salary reductions for senior staff and rent reductions. Speaking to PA, Papps praised this as a strong performance against the “difficult backdrop” caused by covid-19. He said: “The 2021 financial year was the most challenging in Nando’s history as a result of the covid-19 pandemic. Against this difficult backdrop, I am incredibly proud of the way Nando’s has responded; with a clear focus on our people and supporting our communities. I am particularly pleased that we succeeded in avoiding any redundancies at our UK restaurants and avoiding any permanent closures. Looking ahead, the Nando’s brand remains very well placed, underpinned by our delicious peri-peri chicken, continued menu innovation, our focus on social impact and our investment in delivery, loyalty and customer technology which is making it easier for more people to eat Nando’s.” The company said current trading has “improved significantly” globally, but it remains mixed with variations across regions. Nando’s was among UK restaurant chains to close a number of sites during the summer after production staff shortages impacted its supply of chicken. However, the firm said it remains confident in its future growth outlook and has seen “continued strong demand” for its peri-peri chicken. It donated 55,000 meals to NHS workers over the year. The business also stressed that it has accelerated its sustainability targets over the year and signed the Better Chicken Commitment to improve welfare in its supply chain.
Nando’s features in Propel’s Turnover & Profits Blue Book, which is updated monthly for Premium subscribers. Nando’s has turned over an average of £855.4m in the past five years. The Blue Book, which is produced in association with Mapal Group, provides a five-year overview of turnover and profit, ranks 456 companies according to turnover, pre-tax profit and profit conversion. It also provides details of directors’ earnings and highest paid directors. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The regular single subscription rate of £395 plus VAT for operators and £495 plus VAT for suppliers remains the same. Email jo.charity@propelinfo.com to sign up.


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