The group, which operates SushiSamba restaurant in Covent Garden and also manages the Duck & Waffle brand’s two sites in London and Edinburgh, reported a profit after tax of £384,000 for the year ended 31 December 2023 compared to a loss of £768,000 in 2022.
Turnover rose from £13.6m to £15.2m, which the company says is ‘testament to the quality of cuisine in a competitive environment and resilience of the brand against the macro-economic backdrop, which includes high inflation’.
EDITDA was £1.9m in the same period, up from £611,596 the previous year, while gross profit margin increased to 58%, up from 52%.
Labour costs for the year rose from 4.9m to £5.2m, which the company attributed to the strengthening of its corporate team ‘to drive growth strategy and wage inflation’.
Sales at SushiSamba Covent Garden were £10.2m, up from £9.6m, reflecting a 6% growth in sales compared to the previous financial year.
Management and licensing fee income increased by 14% compared to 2022, according to the company, following the first full year of trading at SushiSamba Doha and the opening of SushiSamba Edinburgh, in November 2023.
In addition, license fee income increased on the signing of agreements for new licensed operations that opened in 2024, including Abu Dhabi, Singapore and Bahrain.
SushiSamba Riyadh opened in June 2024.