Wahaca has said its current focus is on continuing to build volumes within its restaurants, as well as manage the current inflationary pressures that are hitting the entire sector.
In accounts just published on Companies House, the Mexican restaurant group, which operates Wahaca’s restaurant and grocery business and DF Tacos restaurants, recorded turnover for the year to 26 June 2022 of £39.2m – up from £17.7m in 2021.
Adjusted operating profit more than doubled from £2.2m in 2021, to £5.7m in FY21/22, with net profit before tax of £3m, down from £25.7m the prior year. The business undertook a CVA in 2020 which saw it close 10 sites, while it secured agreement from creditors to write off debt worth £25m.
The directors said they were “very pleased” with how the group had continued its recovery from the pandemic, with a healthy cash balance of £11.7m for the year despite the impact of omicron and Plan B restrictions.
“Our delivery revenue channel continues to perform well and helped mitigate some of the impact of Plan B restrictions through the winter,” said the directors. “As with many businesses in the sector however we did begin to see significant cost inflation through the final quarter of the year predominately driven by the war in Ukraine.”
The business added: “The directors continue to be fully confident that the brand love and recognition remain very strong, as shown by winning the Deliveroo Best Mexican Restaurant award in the financial year, which will help the business continue to navigate the ongoing challenges, particularly around costs, which the entire sector are facing.”
The group said its current focus was to continue its restaurant volume recovery, while also managing the inflationary cost pressures it is seeing as a result of macro-economic events.
During the period, Gemma Glasson was promoted to the role of managing director and Thomasina Miers stepped down as a director, but her existing role within the business remains unchanged.
