Wasabi, the London-based sushi and bento chain led by Dong Hyun Kim, saw pre-tax profit more than double in the year to 31 August 2012, on the back of turnover breaking the £40m barrier for the first time, as it continued to grow its estate in the capital.
The group, which will make its international debut in New York this summer, saw pre-tax profit reach £2.4m up from £1.02m in the previous year, while turnover climbed from £32.5m to £40.7m.
At the end of the year, the company had net assets of £4.3m (2011: £2.6m) Net cash flow from operating activities stood at £5.4m (2011: £3.6m). The group is understood to be on track to report turnover of over £45m in its current year.
The chain operated 29 sites at the year and has since opened a further four, including its first outside the capital in Bluewater.
The group said that its 25% growth in sales during the year (2011: 44%) was in line with its strategy and was due to new openings, a broader product range, increasing customer loyalty and improved product quality and availability.
It said that return on investment stood at 56%, up from 40% the previous year, while gross margin stood at 41%, up from 37%, which was a result of it managing its food costs and wages effectively.
The group plans to operate an estate of around 40 sites by the end of this year, while turnover in its current financial year is expected to reach £45m.
The group will soon open its latest site in South Kensington, with a further site in Wardour Street to follow. Spend per head across the group is on average £6.95.
The chain, which was founded in 2003, has two openings lined up for the Trinity development in Leeds.
It is also thought to exploring opportunities in Dubai, and France.
