The Active Partners-backed restaurant brand has reported a full year profit of £2.7m for the 52 weeks to 26 January 2025, with a like-for-like sales growth of 10%.
Turnover increased 6% to £59.9m. Adjusted EBITDA increased by 56% to from £4m to £6.3m, while operating profit for the period was £3m, up from a loss of £1m the previous year.
The company says the strong performance was supported by the launch of its QSR spin-off brand Honest Smash + Grab, which it says it will continue to expand over the next financial year.
Growth was also driven by covers and targeted price increases to help mitigate cost inflation, says the business, with covers growth achieved in both dine-in and delivery.
The positive results follows a difficult post-Covid period for Honest Burgers, which posted losses of £1m in 2024, 2.1m in 2023 £5.7m in 2022, and £3m in 2021.
“These results reflect our best year to date and demonstrate the strength of the Honest brand, even in the face of ongoing industry challenges,” says Matt Brandon, CEO of Honest Burgers.
Last month Honest Burgers bought 12 restaurants from rival Gourmet Burger Kitchen, taking its estate past the 50-site mark.
At the period end, Honest Burgers had borrowed funds of £12.3m from four loan facilities, including an £8m senior long-term loan, now mostly paid off; a senior capex facility of £8m, with £1.6m remaining; a £5m government CBILS loan maturing next year; and a government-backed Recovery Loan Scheme (RLS) of £4.9m which is fully drawn down, and repayable in June 2026.
“The additional shareholder investment and new debt facility are a significant vote of confidence in both the business and the team,” adds Brandon.
“This puts us in a great position to accelerate our next phase of growth in 2025 and beyond as we expand our portfolio even further into new locations.”