Thai Leisure Group has reported £32.5m in turnover for the year ended 30 January 2024.

The casual dining operator of the Chaophraya and Thaikhun saw a marginal decline in turnover from £32.8m the prior year.

Despite a challenging economic climate, the company traded above budget through the year, according to its latest accounts on Companies House.

The group credits “adept marketing and refined brand positioning” for ensuring its brands remained “relevant and attractive in an increasingly discerning market.”

Solid and stable sales, alongside consistently applied cost and management controls, resulted in “good EBITDA” at both restaurant and group level as well as a healthy cash position, according to the accounts.

15 out of 16 restaurants recorded a profit and concluded the year with a “healthy economic outlook.”

Profit before tax stood at £801,901, significantly up from £18,339 the prior year.

During the period, Thai Leisure Group invested in a central support team restructure, property maintenance infrastructure, enhanced data-driven marketing, and the final stage of its brand realignment.

Both the Chaophraya and Thaikhun brands have a clear strategy in terms of position, target markets, values and operations, director M G Stead said in his statement accompanying the accounts.

In the next 12 months, the group seeks to build on its strengths with business development activities and strategic partnerships for further growth.

In 2022, the business exited its CVA earlier than expected, following two CVAs during the pandemic. Since the announcement of its second CVA in September 2020, it has traded above budget, with the directors looking to the future with confidence, MD Ian Leigh told MCA in August 2022.