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Pret H1 revenues surge 230% to £357.8m

Since September last year, Pret has established four new franchise partnerships and opened 27 shops in the UK

Pret A Manger has reported that its half year (H1) revenues in 2022 has grown by 230% year-on-year to £357.8m, up from £155.4m in H1 2021, and up by 160% from £223.4m in 2020.

May saw revenues across the UK surpass 2019 levels for the first time, with “particularly strong” regional and suburban sales. Pret also returned to profitability in March and is operationally cash flow positive since May 2022.

UK sales growth outside London outstripped growth in the capital, both on a like-for-like basis and in total revenue, amid growth in Pret’s regional and suburban estate, and the impact of new shop openings in Brentwood, Harrogate, Leeds and York.

Currently, 66% of Pret’s UK portfolio is outside of the Square Mile, with 36% of UK shops located in regional cities and towns.

Since announcing its medium-term growth targets in September last year, Pret has established four new franchise partnerships and opened 27 shops in the UK.

The business has announced agreements with franchise partners to enter Canada, Ireland, Spain, Portugal and India. Pret has recruited over 2,300 people, with an 8,700 strong workforce in the UK alone.

It has also invested in a new menu development and set a target of doubling sales from new products to 20% of UK revenue by the end of the year. Later this week, Pret will reportedly unveil a new menu range in the UK to help customers continue to access freshly prepared food options, while also expanding its range of bakery products.

Meanwhile, Pret has transformed the way the business serves customers through new digital and retail channels. Digital transactions accounted for 37% of transactions during 2021 as the business benefited from a new multi-channel operating model across the UK. Pret’s Coffee Subscription service has also now been launched in France and the US.

Pano Christou, Pret CEO, said: “Two years ago, we said we wanted to bring Pret to more people. During the first half of this year, we not only delivered on that pledge, but we also grew fastest in some of the places where we only had a handful of Pret shops before.

“The opportunity now is for us to take that growth and apply it internationally. Since the start of this year, we’ve signed four new partnership agreements to take Pret into new global markets. The second half of this year will be about taking that a step further, while continuing to run our business.”

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