Adjusted earnings at casual dining concept Yo! Sushi declined by 29% for the company’s full financial year ending 27 November 2018.
The firm placed EBITDA at £5.9m, down from £8.3m the previous year – with a statement saying the result reflected “a resilient performance despite significant investment in developing new concepts and products in light of the new global strategy, as well as well publicised industry cost inflation”.
The period covered by the results included six site closures across the UK, along with a new opening in Watford.
Total UK turnover rose by 5% across the full year, up from £84.8m to £88.9m along with a 1% like for like increase.
The period was accompanied by a 22.9% like for like boost to its revenues from grab and go offering Yo! To Go – a figure not bolstered by Deliveroo sales.
However despite UK earnings diminishing, worldwide the firm enjoyed a 47% boost in adjusted earnings, rising from £8.5m to £12.5m. In April the company acquired supermarket sushi vendor Taiko Foods, which stocks shops including Costco and Waitrose.