Tortilla Mexican Grill has released an unscheduled trading update containing the news that it has overstated FY25 expected results (and maybe FY24 as well). EBITDA (Adj. - IAS17 basis) will now be £2.5m lower than indicated in the January trading update and is now expected to be just £1.5m. Expenditure in the French business has been recognised on the balance sheet but not put through the P&L There is no impact on cashflow or net debt but Tortilla may have retrospectively breached banking covena ....
