3Sixty Restaurants has reported sales of £38.8m for the year to 27 March 2022, resulting in EBITDA of £6.5m, compared to £568k last year.
Profit for the period was £3.8m, compared to a loss of £842k in 2021.
In the accounts filed at Companies House, the directors said they were pleased with the significant progress made with the Ego brand throughout the financial year, with its performance resulting in a net cash position by the year end, with no drawn debt.
Turnover recovered strongly after the periods of closure from Covid restrictions and exceeded the budget for the year by “a considerable amount”.
The group opened two new Ego sites during the year, under the joint venture with Mitchells & Butlers, (The Green Dragon at Lymm and The Groes Wen at Penhow) both of which have traded significantly ahead of forecasts.
Following the year-end, Ego opened one new restaurant in May, The Stanney Oaks at Little Stanney, taking its total estate to 26 sites.
The directors are positive about the year ahead but recognise that trading may be harder as cost pressures increase.
“With what is a very strong balance sheet and a clear focus on opening more Ego sites, we are in a very strong position going forward and remain cautiously optimistic about the future,” said the business.
Speaking to MCA earlier this month, James Horler, chief executive, 3Sixty Restaurants, said the pause button had been pressed on new openings for Ego in the current financial year, but that it was readying a pipeline for 2023.
