Yo! Sushi has posted a sales jump of 4% in its annual statement after the company invested heavily in North America.
In its results for the year ending 27 November 2017, like-for-like sales increased by 4%. The casual-dining group posted a boost in EBITDA of 21%, rising from £7m to £8m. Meanwhile sales rose marginally to £89.9m, a 1.7% jump from the previous year’s £88.4m.
Pre-tax profits for Yo! Sushi Ltd, the holding company for various arms of the business, rose from £31,900 to £4.59m. This took into account an exceptional administrative income yield of £4.2m.
In the November 2017 period, the now defunct Yo! Sushi Holdings was dissolved. As part of the dissolution, the intercompany debt it owed to Yo! Sushi was waived.
The figures did not include income from the company’s newly acquired Bento and Taiko franchises, which have given them a foothold in North America to make them one of the world’s largest sushi operators outside of Japan.
CEO Richard Hodgson said: “The last year has seen the group significantly diversify its strategy and business model and more than double its turnover with the acquisitions of Bento and Taiko.
“This positions Yo! as a global multi-channel, multi-format food group well placed to take advantage of the worldwide demand for naturally healthy Asian food in restaurants, at home and on-the-go.
“It is still early days in terms of fulfilling that potential, but we are already seeing exciting opportunities as the group moves to the next stage of its growth and development.”