LONDON (Alliance News) - Tasty PLC on Wednesday reported a widened loss in its most recently ended financial year, hurt by restaurant closures.
The branded restaurant operator in the UK posted a pretax loss of GBP11.8 million for the year to December 30, 2018, compared to GBP9.5 million loss a year prior, as revenue fell by 6.0% to GBP47.3 million from GBP50.3 million.
During the year Tasty sold three restaurants and closed one and said it does not intend to open any new restaurants in 2019. The company said it is focused on restructuring and improving profitability from the existing portfolio.
Tasty currently operates 58 restaurants, comprising 6 Dim t and 52 Wildwood restaurants.
"The market conditions for 2018 continued to remain extremely challenging," said Chair Keith Lassman. "In addition, unfavourable weather conditions and the World Cup impacted 2018 performance. The exceptionally cold and snowy winter supressed sales."
Looking ahead, the company said trading over the Christmas period was positive, though 2019 has started slowly due to Brexit uncertainties.
Tasty shares were trading 17% lower on Wednesday morning at 7.01 pence each.
Tasty (TAST)