Nando’s Group, the operator of the eponymous fast-casual chicken restaurant chain and Gourmet Burger Kitchen, saw its turnover pass the £500m in the year to 23 February 2014.
The UK arm of the business saw its sales climb 10% from just over £485m in the previous year to £534.9m, however pre-tax profit declined by 9% during the period to £30.4m.
The group said its gross profit margins were at 29% for the period, down from 31%, but that it was “satisfied” with the performance given the “continuing difficult trading environment”.
It said: “The average result for the 52-week period has been satisfactory – however, we always aim to improve performance. The company operates in a very competitive and fragmented market, which is constantly bringing new concepts and products to the expanding customer base. However, we believe Nando’s offers a unique product that gives us a competitive advantage.”
The company’s restaurant count rose over the period from 343 sites at the end of February 2013, to 370 at the end of February 2014, which included five new GBK openings.
In the year to 23 February 2014, Nando’s Group Holdings paid a royalty payment of £24.3m to Tortolli BV for the privilege of using the Nando’s global brand and concept - equivalent to a charge of 5% on its net turnover.
