Thai restaurant chain Giggling Squid has delivered a robust financial performance this past year, returning to profitability with record sales. Headquartered in Guildford, the firm declared a pre-tax profit of £1.5 million for the year to March 31, 2024, rebounding from a pre-tax loss of £1.9 million the previous year.
This turnaround follows on from the £5.3 million pre-tax profit recorded for the year up to April 3, 2022, a period during which it posted revenues of £65.7 million. Latest filings at Companies House reveal that Giggling Squid's turnover increased from £75.1 million to £78.6 million over the past year, as reported by .
By the end of this fiscal year, the company operated 49 sites across the nation.
Giggling Squid has been active in expanding its footprint over the past 12 months, opening new locations in Cardiff, Bracknell, and Shrewsbury, as well as an additional restaurant in Cardiff Bay arriving right at the close of the year. This expansion was slightly offset by the closure of one site in Cheshire.
In its ongoing financial year, another new outlet has been launched in London.
The board shared a confident outlook in a statement, noting, "The group continued to go from strength to strength and had a very profitable year despite the macroeconomic backdrop of high inflation and interest rates."
Founded by Andy and Pranee Laurillard, Giggling Squid first introduced its Thai cuisine in Hove in 2009 and has since grown significantly across the º£½ÇÊÓƵ.
The results follow a report by City AM that restaurant chain Leon suffered nearly £20m in losses the year it was sold by billionaire Issa brothers to Asda.
In other news, it was recently reported that Dishoom created almost 300 jobs as its sales soared past the £100m mark during its latest financial year.
City AM also reported that Hard Rock Cafe is making significant strides towards returning to profitability in 2023 as it continues its recovery from the Covid-19 pandemic.
