Papa John's 海角视频 operations have reported significant losses in 2024, continuing a downward trend with the closure of over 70 outlets.
The 海角视频 branch of the American pizza behemoth has disclosed a pre-tax loss of £21.8m for its latest financial year, following on from a £19.2m loss in 2023, as reported by .
According to newly filed accounts at Companies House, the company's turnover also saw a decrease over the 12 months, dropping from £95.9m to £88.6m.
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The last instance of Papa John's turning a pre-tax profit in the 海角视频 was in 2021, when it recorded £8.1m, with a turnover of £102.3m at that time.
A statement approved by the board read: "In 2024 we continued to navigate the effects of global disruption; ongoing geopolitical issues, staffing shortages and rises in commodity costs."
It added: "Whilst there was an improvement in consumer confidence, this remains below pre-pandemic levels with consumers more cost-conscious and more risk averse."
Over the course of the year, the company shut down 74 restaurants and opened seven, concluding 2024 with 457 Papa John's locations in the 海角视频, a reduction from 524.
Papa John's eyes profitable 2025
Despite these figures, Papa John's is setting its sights on a profitable 2025.
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Following a challenging period which saw the closure of more than 40 restaurants last year, the 海角视频 managing director Chris Phylactou revealed on City AM's Boardroom Uncovered show that the company is no longer losing money and is on the path to posting its first 海角视频 profit since 2021.
During the episode, Phylactou remarked that the division is "no longer losing money" and anticipates turning a profit by 2025.
"That's because of the difficult decisions we made back then" he explained.
"Having people lose their jobs is the last option for us. We tried everything to keep the restaurants open."
He continued: "It's never an easy decision and something that I wasn't happy doing, but it's something that we had to do as a brand.
"We held on to the restaurants probably longer than we should have to protect the people for as long as we could.
"And we put a lot of effort into trying those trying to turn those businesses around.
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"But unfortunately, they were even the wrong location and the performance of the restaurants was really bad.
"So there was no business case to keep them open."