Tasty (TAST)

Sector:

Tourism and Leisure Services

Index:

FTSE AIM All-Share

 0.95p
   
  • Change Today:
      0.000p
  • 52 Week High: 2.05
  • 52 Week Low: 0.95
  • Currency: UK Pounds
  • Shares Issued: 197.69m
  • Volume: 0
  • Market Cap: £1.88m
  • RiskGrade: 536
  • Beta: 0.65

Tasty shares tank as losses widen, but board confident in turnaround plan

By Benjamin Chiou

Date: Friday 28 Jun 2024

LONDON (ShareCast) - (Sharecast News) - Restaurant operator Tasty saw shares drop sharply on Friday after the Dim T and Wildwood owner reported a doubling of losses in 2023, but expressed its confidence in its turnaround after closing underperforming sites.
Tasty, which operated from 53 restaurants during 2023, undertook a restructuring in recent months to reshape the group's estate, make redundancies and "correct the trading decline".

It has since decided to close a number of venues - one Dim T site, 10 Wildwoods, along with two non-trading and three sub-let sites - and renegotiated rent agreements on a number of others, along with securing a £750,000 loan.

"The board believes that the restructuring plan will allow the group to stabilise towards the end of the year, with a significant improvement in EBITDA performance expected over the next two years through site rationalisation and other tangible cost savings," said chair Keith Lassman.

Revenues in 2023 totalled £46.9m, up 6.5% on 2022, with like-for-like sales up 4.1%. However, the company said growth was limited by declining footfall which it blamed on work-from-home culture post-Covid, transportation strikes and bad weather coinciding with important trading periods, as well as the general cost-of-living pressures.

Meanwhile, continuing increased utility, food and labour costs held back the bottom line, with a loss after tax of £14.5m for the year, down from a £6.4m loss in 2022.

"We are hopeful that the restructuring plan will allow the group to meet new opportunities in the sector in 2025 beyond its existing operations, including exploring new concepts, attracting new audiences and considering potential partnerships," Lassman said.

The stock was down 24% at 1.07p by 0857 BST.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Tasty Market Data

Currency UK Pounds
Share Price 0.95p
Change Today 0.000p
% Change 0.00 %
52 Week High 2.05
52 Week Low 0.95
Volume 0
Shares Issued 197.69m
Market Cap £1.88m
Beta 0.65
RiskGrade 536

Tasty Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
7.08% above the market average7.08% above the market average7.08% above the market average7.08% above the market average7.08% above the market average
21.57% above the sector average21.57% above the sector average21.57% above the sector average21.57% above the sector average21.57% above the sector average
Price Trend
76.51% below the market average76.51% below the market average76.51% below the market average76.51% below the market average76.51% below the market average
88.68% below the sector average88.68% below the sector average88.68% below the sector average88.68% below the sector average88.68% below the sector average
Income Not Available
Growth
19.33% below the market average19.33% below the market average19.33% below the market average19.33% below the market average19.33% below the market average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average

Tasty Dividends

No dividends found

Trades for --2024

Time Volume / Share Price
0 @ 0.000p

Tasty Key Personnel

CEO Daniel Jonathan Plant

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