YO! Sushi, the privately-owned group led by Robin Rowland, saw pre-tax profits rise 12.9% to £3,961,246 in the year to 28 November 2010 after opening 10 new restaurants in the period.
Turnover at the company, which today revealed the location of its 58th site, in Norwich, increased by 21% to £50,311,680 in the trading period. Ebitda was up 19% to £8.1m.
YO! Sushi, which operated 54 sites at the year end, plus 10 franchise outlets abroad, saw operating profit reach £4,450,199 (2009: £4,047,782), with gross profit at £38,052,537 (2009: £31,781,565).
Directors’ salaries fell from £527,708 to £478,219, with the highest paid director’s salary increasing by £12,000 to £211,999. Staff costs rose 18% to £16,499,928 across the year as the number of sites increased. Average employee numbers increased from 1,149 to 1,573.
The company’s operating lease commitments, meanwhile, increased from £4,202,352 to £5,538,173.
Directors have not recommended that a dividend be paid.
The performance of YO! Sushi is in contrast to similar fast-growing restaurant operators in the sector that have seen profits slip after a period of expansion.
Earlier this month Itsu, the London-based Japanese sushi bar chain, reported a pre-tax loss in the year to 31 December 2010, when its estate grew by 30%. And Wasabi, the sushi and bento chain, saw pre-tax profits almost halve in the year to 31 August 2010 after its estate almost doubled over the period.
Meanwhile, this morning YO! Sushi revealed that its 58th opening will be just outside the Chapelfield Shopping Centre on Chapelfield Plain in Norwich.
The 2,000 sq ft restaurant features 63 covers across two floors, with 24 booth seats and 39 stools. It is set to open at the start of October.
Rowland said: “Providing fun, fast and fresh Japanese food served from a cutting edge restaurant design, opening a restaurant in Norwich is an extremely exciting venture for us and marks our first opening in East Anglia, building on the excellent reputation already generated within the south of England and beyond.”
