Five Guys Europe has reported financial results for the year ended 31 December 2022, with revenue of £452m for its 242 stores operating across the UK, France, Spain, and Germany.

In accounts filed at Companies House, the burger chain reported a 31.7% increase in revenue from £343.4m in 2021, reflecting both the increase in store count and like-for-like growth.

It also reported a total loss for the year of £28.5m, compared to a loss of £35.9m in 2021. The group is “in a net liability position due to historic start-up loses and the nature of its operations,” according to the update.

Operating profit was £17.6m, down from £24.6m the year before and reflecting the reduced benefit from VAT rates in the UK, partly offset by stronger trading as Covid restrictions came to an end.

Five Guys further reported it is now generating strong operating cash flows and continues to invest in new openings.

In 2022, 34 new stores were opened and one was closed.

“The directors continue to believe that there are strong growth prospects in the premium burger market and intend to continue the rollout of Five Guys in the UK and Europe.”

Despite high inflation across European markets, the group was able to manage its cost base effectively and implement modest price increases, according to the accounts.