Sandwich and coffee chain Pret a Manger said it returned to profitability in March after another big loss in 2021 due to lockdowns and Covid-19 restrictions.
In Companies House's new filing, the group revealed it was still in the red last year, with an operating loss of £225.9 million.
This is an improvement from a loss of £343m at the height of the pandemic in 2020, as revenue rose 17% to £461.5m last year as restrictions were lifted and staff returned to offices.
The company said its recovery was "continued and accelerated" in 2022, with half-year revenue rising 230% to £357.8m, helping it return to profitability in March and cash flow positive since May.
In response to the cost of living crisis, Pret is launching a new range of affordable menus later this week.
The company said its recovery was due to its expansion of operations outside London, where sales were growing faster.Trade outside London has been particularly affected by working from home.
Currently, two-thirds of the company's UK store portfolio is outside the City of London and 36% of its UK stores are located in regional cities and towns, while its online sales are up 37% in 2021.
Pret has also started accelerating its overseas expansion, recently announcing four new franchise partnerships - including a deal with Reliance Brands last month to build chains across India.
The company aims to double the size of the business within five years and expand into five new markets by the end of 2023.Additionally, the company recently revealed collaborations with Canada, Ireland, Spain and Portugal.
In April, the company said it planned to open up to 20 stores over the next 10 years, creating about 500 jobs on the island of Ireland.
Carebrook Partnership Limited will open stores in the Republic and Northern Ireland on a franchise basis.
The first store will open on Dawson Street in Dublin this summer, creating 25 jobs.
The company said the recent franchise deal meant it expected to hit its international growth targets a year early.
“Two years ago, we said we wanted to bring Pret to more people. In the first half of this year, we not only delivered on our promise, but grew the fastest in some places that used to have only a few Pret stores,” said the CEO of Pret. Officer Pano?
“Our opportunity now is to capitalize on this growth and apply it internationally. Since the beginning of the year, we have signed four new partnership agreements to bring Pret into new global markets.”
"The second half of the year will go further," he added.
The company now has 11,500 employees, including 8,700 in the UK alone.
Since announcing a five-year growth plan in September last year, the company has opened 27 more stores in the UK, bringing its assets to 442 and now has 558 stores internationally.
