Wasabi looks to expand despite profit dive
The brand also cut over 100 jobs.
London sushi restaurant chain Wasabi is exploring new restaurant openings across the UK and working with franchise partners to accelerate growth, after reporting a 74.85% decline in after-tax profit in 2024 compared to the previous year.
According to its company filings, for the 52 weeks ended 28 December 2024, after-tax profits were at £1.86m compared to £7.43m the year before.
Restaurant turnover in 2024 was at £121.6m, increasing from £120.2m from the year before, primarily due to continued efforts of the business to drive growth. EBITDA before exceptional costs and other income increased by 61.1% to £7.36m.
Meanwhile, the company saw the employee count drop from 1,314 in 2023 to 1,186 in 2024.
Wasabi said its restaurant division performed well despite a challenging market environment, with particularly strong growth in travel hub locations. Continued emphasis on its internal processes, productivity, and cost control supported solid EBITDA conversion.
“There was significant progress during the year in our manufacturing facility in terms of quality and cost management, supported by volume efficiencies driven by our Restaurant and Grocery businesses. In December 2024, the factory in Park Royal had its second full BRC audit, achieving a Grade A rating and validating the standards and professionalism of the team and the facility,” the group said.
