Tortilla Mexican Grill (AIM:MEX) reported revenue of £73.8m for the 52 weeks ended 28 December, up 8.5% on the prior year.
The largest fast-casual Mexican restaurant business in the UK and Europe said total group system sales rose 9.2% to £98.3m, while UK like-for-like sales grew 6.2% over the year, against a 1.3% decline across the wider sector as measured by the CGA benchmark.
UK like-for-like momentum strengthened through FY25, from 5.9% in the first quarter to 7.8% in the fourth.
Adjusted EBITDA before IFRS 16 came to £1.1m, made up of £6.3m from the UK offset by a £5.2m loss in France following the correction of accounting adjustments that added £2.7m of additional costs to French EBITDA.
Group adjusted net debt before IFRS 16 stood at £10.8m at period end, with no impact on cash flow from the French accounting correction; the company refinanced its debt facilities with Santander during the year.
In France, seven Fresh Burritos sites were converted to the Tortilla brand, including the flagship Gare du Nord site in Paris, with second-quarter like-for-like sales at the converted stores up 22.1%.
Three underperforming Fresh Burritos sites in Nice, Grenoble and Nantes have since been closed, and the company is in active discussions to dispose of others.
Trading has accelerated into 2026: UK like-for-like sales rose 13.9% in the first half, with delivery sales up 54.1% in the 14 weeks to 28 June following expansion to a multi-aggregator model across Deliveroo, Uber Eats and Just Eat.
"We are turning the page on the FY25 accounting issues in France and looking to the future," said founder and group chief executive Brandon Stephens.
System sales surpassed £100m in June, and the annual report and notice of the 25 August annual general meeting have been published alongside the results.
News Intelligence what this means for the company
Tortilla posted 8.5% revenue growth to £73.8m for FY25 while UK like-for-like sales accelerated sharply into 2026, reaching 13.9% growth in the first half—well ahead of a 1.3% sector decline. The headline win is delivery: UK delivery sales rose 54.1% in the 14 weeks to 28 June after expansion to a multi-aggregator model, and total system sales surpassed £100m in June. However, France remains a drag: a £2.7m accounting correction inflicted a £5.2m EBITDA loss there, leaving group adjusted EBITDA at just £1.1m despite UK contributing £6.3m.
The UK momentum and delivery acceleration are material offsets to France's structural weakness, but profitability remains thin—adjusted EBITDA of £1.1m on £73.8m revenue (1.5%) leaves little room for error. The France turnaround (seven Fresh Burritos conversions, three closures, disposal talks) is early-stage; success there is now the key to moving the needle on group earnings.
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