Yahoo Finance Nando's sees annual sales top £1 billion
Britain’s love of peri-peri chicken chain Nando’s has helped the firm’s group sales surpass £1 billion for the first time.
Accounts just filed show the restaurants chain saw UK revenues rise 7.9% to £779.4 million in the year to February 24.
Pre-tax profits here increased to £96 million from £83.3 million during the period in which Nando’s opened 31 branches, bringing its UK estate to 422.
Nando’s, owned by South African investment firm Yellowwoods, said group revenue (excluding South Africa) rose 8.4% to £1.1 billion.
Losses widened to £38.3 million from £36.1 million after investments into expanding the business.
On Brexit, a Nando’s spokesman said: “We are monitoring the Brexit negotiations closely as you would expect. While much remains unclear, we believe we are as prepared as we can be for all outcomes.” The company has put “mitigation plans” in place where appropriate, its report added.
Nando’s, founded in Johannesburg, has achieved a huge cult following since it entered Britain in the Nineties.
