(Alliance News) - Restaurant owner Tasty PLC on Tuesday said revenue fell last year due to site closures but added it has no further disposals planned for 2020.
Shares in the company, which operates DimT and Wildwoods restaurants, were down 27% at 2.00 pence each in London on Tuesday morning.
In the 12 months to December 29, revenue was down 5.7% to GBP44.6 million from GBP47.3 million.
Tasty did however sharply narrow its pretax loss to GBP266,000 from GBP11.8 million. Depreciation and impairment charge charges falling to GBP1.6 million from GBP13.0 million largely drove the trimmed-down loss.
During the period, the company said it sold three sites and sub-let another two. Since the end of the financial year, it has sold another site.
Tasty added: "The group continues to review the estate but no further disposals in 2020 are currently planned.
"Following a positive Christmas trading period, the start to 2020 has generally been encouraging. The group is planning a modest investment in the existing estate and the infrastructure of the business to sustain its recovery. We continue to monitor closely the rapidly evolving Covid-19 outbreak with its attendant risks to the business and will make further announcements as and when appropriate. Despite the challenging and uncertain trading environment we hope 2020 will be a year in which trading will continue to improve."
By Eric Cunha; ericcunha@alliancenews.com
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Tasty (TAST)