(Alliance News) - Restrictions imposed in response to the Omicron variant of Covid-19 caused no setback for recent London listing Tortilla Mexican Grill, as it said on Monday that strong trading in the fourth quarter of 2021 pushed annual revenue and profit "materially ahead" of its expectations.
Tortilla, which listed on AIM in October, said revenue in the financial year that ended January 2 totalled GBP48.1 million, up from GBP26.8 million the year before and GBP35.4 million two years before.
The fast-casual Mexican restaurant chain said it added 9 stores in 2021, growing to 64 stores globally. In the UK, like-for-like revenue rose by 24%, or by 30% if excluding the lockdown-impacted first quarter of last year.
Tortilla said it expects 2022 to be in line with expectations, as reduced government assistance is offset by eased trading restrictions. It expects to open 45 new sites in the next five years.
"The adaptability of Tortilla's offer supported us through the latter stages of the year to achieve a strong performance across both delivery and take away," said Chief Executive Officer Richard Morris.
Tortilla shares were up 4.8% early Monday at 191.25p, up 6.2% from 181p IPO price.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 0.1% at 7,489.86
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Hang Seng: up 1.1% at 23,750.06
Nikkei 225: Tokyo market closed for holiday.
S&P/ASX 200: closed down 0.1% at 7,447.10
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DJIA: closed down 4.81 points at 36,231.66
S&P 500: closed down 0.4% at 4,677.03
Nasdaq Composite: closed down 1.0% at 14,935.90
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EUR: down at USD1.1333 (USD1.1343)
GBP: up at USD1.3589 (USD1.3572)
USD: up at JPY115.76 (JPY115.64)
Gold: up at USD1,794.01 per ounce (USD1,791.80)
Oil (Brent): flat at USD81.90 a barrel (USD81.99)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Monday's key economic events still to come
Japan Coming of Age Day. Financial markets closed.
1100 CET EU unemployment
1100 GMT Ireland industrial production and turnover
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Developers in the UK must agree a GBP4 billion plan to fix dangerous cladding on low-rise flats by early March or risk new laws forcing them to act, Housing Secretary Michael Gove has said. The Cabinet minister threatened that he is "prepared to take all steps necessary" to fix the "broken system" in a letter to the industry ahead of detailing the plans on Monday. Potential action also includes restricting access to government funding and future procurements, the use of planning powers, and pursuing firms through the courts. The proposals to alleviate the scandal that has trapped leaseholders in unsafe and unsellable homes come more than four years after the Grenfell Tower fire in June 2017, in which 72 people were killed. Leaseholders in buildings between 11 metres and 18m tall will no longer have to take out loans to cover the costs of remediation work despite no new money coming from the Treasury. Instead, Gove told developers to agree to start contributing this year to cover the "full outstanding cost", which he estimates to be GBP4 billion.
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BROKER RATING CHANGES
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BERNSTEIN CUTS NATIONAL GRID TO 'MARKET-PERFORM' (OUTPERFORM)
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CITIGROUP REINITIATES UNILEVER WITH 'BUY' - PRICE TARGET 4,500 PENCE
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RBC CUTS OXFORD NANOPORE PRICE TARGET TO 750 (800) PENCE - 'OUTPERFORM'
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COMPANIES - FTSE 100
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Generic drugs maker Hikma Pharmaceuticals said it has launched a new 503B sterile compounding business focused on providing ready-to-administer injectable medications customised to the specific needs of patients in the US. Sterile compounding is the process of combining, mixing or altering ingredients to create medications in ready-to-administer formats tailored to the needs of healthcare providers. Hikma said the launch of Hikma 503B builds on the company's expertise and position as a supplier of injectable medicines to US hospitals. It is registering for state licenses across the US and expects to be operating nationwide by the end of 2022.
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COMPANIES - FTSE 250
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Contracts-for-difference trading provider Plus500 said it is considering a new share buyback programme, as annual revenue is expected to be above market forecasts. Plus500 said it delivered an "outstanding" operational and financial performance throughout 2021 that was ahead of market expectations. For 2021, Plus500 said revenue is estimated around USD718 million, supported by customer income - a key underlying growth metric - of USD702 million. The revenue figure is below USD872.5 million posted in 2020, but higher than company-compiled analyst forecasts of USD655.2 million. In addition, Plus500 said its base of active customers during 2021 remained well ahead of pre-pandemic levels, at 406,000, with the number of new customers on-boarded reaching 196,150. The development of the customer base was driven by continued investment in marketing technology, the company explained. Turning to shareholder returns, Plus500 said that, following the completion of its current share buyback programme and the conclusion of the current closed period, a new programme will be considered by the board. Since its initial share buyback programme commenced in 2017, Plus500 has acquired around 14.9 million shares at a cost of more than USD211 million, it said.
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Valve actuators maker Rotork said it promoted Kiet Huynh to chief executive officer, having previously been managing director Rotork's Water & Power and Chemical, Process & Industrial divisions. Huynh has joined the Rotork board and assumed the role of CEO with immediate effect. Back in August, Rotork had said that Kevin Hostetler planned to return to the US. Hostetler has stepped down from the board and as CEO but will remain available to support a smooth transition, the company said.
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COMPANIES - MAIN MARKET AND AIM
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Electra Private Equity confirmed it will relist on AIM in London as Unbound on January 31, after the decision was approved by shareholders on December 30. Unbound will initially consist of retailer Hotter Shoes, but it intends to grow into an "online multi-brand retail platform supporting the lifestyles of the 55 plus age demographic".
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Monday's shareholder meetings
Trident Royalties PLC - GM re authority to allot shares
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By Tom Waite; thomaslwaite@alliancenews.com
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