Nando’s Group Holdings, which encompasses much of the casual dining group’s global operation including its UK estate, reported turnover of £1.366bn for the year ended 25 February 2024, up from £1.27bn in 2023.
Operating profit grew from £17m to £59.8m over the period, with the group noting a ‘normalising of margins to similar levels as the pre-pandemic period’. And while the company still swung to a loss for the year, it managed to cut its pre-tax losses from £86.2m to £50.1m over the period.
Rob Papps, group chief executive of Nando’s, said: “The 2024 financial year saw Nando’s deliver a good sales performance and a return to pre-pandemic levels of operating profit driven by robust consumer demand for our flame-grilled peri-peri chicken supported by our strong brand and customer proposition.
“Despite the improved sales performance, ongoing cost pressure with energy, labour and food remained very challenging.”
Papps added that the macro-economic outlook for the current financial year ‘remains uncertain’.
However, the group is ‘continuing to invest for the future’ with further menu innovation, enhancements to digital capabilities, and restaurant openings planned across all markets it trades in.
This includes 14 new sites in the UK.
Other key markets for the group include Australia, the US, Canada and India. Franchise operated markets include multiple countries in the Middle East and Southern Africa.
In separate filings for Nando’s Chickenland Limited, which specifically covers the group’s UK restaurants, Nando’s said that it is continuing to unlock opportunities to drive recruitment.
This includes the introduction of its school leavers programme, which was recently launched for a second year, and a partnership with FareShare to offer jobs to individuals using the charity’s foodbanks.
Nando’s said its ambition is to employ at least 500 people through the partnership within the next two years.