Pizza Hut Europe has reported annual results for the year end 31 December 2022, with an increase in turnover to $39.3m (£32.3m).
The business reported a loss after tax of $126.1m (£103.7m) for the period, widening from $12.6m (£10.3m) the previous year.
It further reported gross profit of $36.1m (£29.7m), compared to $35.3m (£29m) in 2021.
At the end of the year the company had net assets of $237.3m (£195.2), compared to 2021 figure of $363.4m (£299m.)
Analysis of turnover by country of destination showed turnover for the UK business at $13m (£10.7m), a decline on $16.4 (£13.4m) the previous year.
The rest of Europe saw an increase in turnover to $26.2m (£21.5m) at the year end.
Russian franchise business termination costs of $1.5m (£1.2m), captured the financial expenditure relating to exiting the Russian market following the invasion of Ukraine.
Last month, seven Pizza Hut branded franchise stores were acquired through pre-pack sales, supported by Springfields Advisory.
Nicolas Burquier, managing director, Pizza Hut UK & Europe, said at the time, “Responding to an ever-shifting consumer landscape, our business and operating models are evolving.
”We remain confident and committed in our vision to be the number one choice in pizza; for consumers to order our pizza, employees to choose to be a part of our business and to be the partner of choice for franchisees.”
