Tasty PLC (LON:TAST) said it is looking forward to a “promising period” after the Coronavirus (COVID-19) lockdown ends as it swung into a full-year loss.
The AIM-listed restaurant operator said with the current restrictions in place, the focus during lockdown is to preserve cash and maintain team engagement.
It is currently trading from 38 of its 54 venues for delivery and takeaway but noted that dine-in is “central” to the business because take-out food erodes margins.
In the year to December 27, revenue tumbled 46% to £24mln while the previous year’s underlying earnings (EBITDA) of £1.1mln turned into a loss of £1.5mln.
The period ended in a net cash position of £8mln after allowing for deferred creditors and HMRC payments of £1.5mln, while a bank loan of £1.2mln was drawn down in January.
Shares slipped 11% to 5.35p on Wednesday morning.