In Q2 2023, MTY opened 73 locations compared to its 47 locations in Q2 FY22. Credit: Raysonho at Open Grid Scheduler / Scalable Grid Engine/ commons.wikimedia.org.

Restaurant franchisor and operator MTY Food Group has posted a net income of $30.4m for the second quarter (Q2) of fiscal year (FY) 2023, up by 6% compared with $28.6m a year ago.

For the quarter that ended 31 May 2023, the company’s revenue surged by 88% to $305.2m from $162.5m in the same period a year ago.

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The company attributed the surge in revenue to the acquisitions of BBQ Holdings, Wetzel’s Pretzels and Sauce Pizza $ Wine restaurant brands.

The company’s normalised adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 57% to $74.6m, compared to $47.6m a year ago.

The company’s system sales rose by 39% to $1.5bn in Q2 compared to the same period a year ago.

System sales surged by 63% in the US, 18% internationally and 7% in Canada.

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MTY’s same-store sales also increased across all its geographical segments compared to last year’s quarter.

In Canada, it was up by 6%, in the US by 4% and in international locations by 2%.

In Q2 2023, MTY opened 73 locations compared to its 47 locations in Q2 FY22.

It also announced a quarterly dividend payment of $0.25 per share on 15 August 2023.

MTY Food Group CEO Eric Lefebvre said: “We are delighted by our ongoing strong financial performance in the second quarter of 2023, marked by normalised adjusted EBITDA of $74.6m and record-high system sales of $1.5bn.

“This growth momentum not only reflects the seamless integration of recent acquisitions in the US but also the internal strength of new locations and same-store sales increasing 5% year-over-year.

“We opened 73 new locations and closed 77 others during the second quarter, representing our best quarterly net result in the last nine years.”