The London-centric chain, which operates a 41-strong estate, saw turnover increase 16.7% in the year to 30 December 2023, rising from £103.1m to £120.3m, which it attributed to ‘continued efforts of the business to drive growth’.
EDITDA stood at just under £4.9m, which compared to a £187,000 loss in 2022, with the group posting a pre-tax profit of £7.7m for the year, up from a loss of £10.1m.
“Following the challenges of previous years, this performance reinforced the strength of the Wasabi brand, offer and economic model, whilst also generating healthy cashflow to invest in future,” CEO Henry Birts said of the group’s 2023 financials.
Wasabi’s grocery business saw ‘exceptional growth’ over the period, up 46% against 2022, which was driven by the launch of its range with Tesco in Q4 2022 and ‘continued excellent performance’ in Sainsbury’s’.
The group’s focus on new product development ‘supported its underlying growth’ while distribution gains increased its reach to customers across the UK.
Wasabi added that the business’s strong performance continued into 2024 with improvement in revenue, EBITDA and margin performance, strong cashflow delivery and a ‘strengthening of the financial position of the company’.
It continues to ‘selectively search’ for new outposts across central London, and is currently negotiating on a few potential sites in the capital.