Honest Burgers celebrates profitable half year

Honest Burgers has reported exceptional results for the first half of 2024, with like-for-like sales growth of 11% and hitting £30m in revenue. 

The brand's profitability is ahead of forecast, with over 60% growth in EBITDA performance. The group has consistently outperformed the market by an average of 10% versus the Coffer Peach Business Tracker. 

The burger brand has also recently filed accounts for the year ending January 2024, which showed a like-for-like sales growth of 21% with turnover increasing by £8.1m to £56.4m, a 17% increase versus the previous year. The company's strong sales growth was driven by both dine-in and delivery covers. Adjusted EBITDA was flat year-on-year as the business felt the impact of utilities inflation, where costs were more than double the previous year. 

New concepts and expansion

The brand recently announced that its new smash burger concept will launch later in the year. Its opening has been supported by crowdfunding, which raised over £2.7m in 2023. The concept will offer an extended range of smash burgers, loaded chips, and milkshakes, served in quick service format, without compromising on the brand's core principles of making everything in-house at the Honest Butchery and central kitchen. 

"We've had a great first half of this year, which follows a strong performance last year, showing that demand for great quality burgers at great value for money continues to grow," says Matt Brandon, CEO of Honest Burgers. "Our restaurant teams are doing an exceptional job and we're all excited for the year ahead, especially with the announcement and launch of our new smashed burger concept. This is the start of our ambition to quadruple the size of the business by 2030."

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