Wasabi, the London-based sushi and bento chain led by Dong Hyun Kim, has reported turnover up 21% for the 12 months to 27 December to £63,593k.
Operating profit rose 1066% from £597k to £5,223k for the year.
The EBITDA grew by 208% to £8,079k driven by “a reduction in exceptional costs and lower one-off costs from opening fewer branches than in the previous year.”
The group opened four sites during the year, including the first Wasabi outside of greater London, to bring the estate to 39. In FY 2013 it opened seven branches.
Dong Hyun Kim said he believes the company has a strong platform for future expansion, both in the UK and internationally. A centralised production kitchen in Park Royal, West London, is due to come on-line next year to significantly increase Wasabi’s production capacity as it gears up for further expansion.
The profit for the year was £3,883,798, up from £86,411 in 2013.
The company plans to open branches in the UK and New York during 2015 funded by a mix of internally generated cash and loan facilities. Further expansion will follow a similar funding model including the assessment of the company’s ability to afford new loan facilities from third parties.
