Itsu sees FY21 turnover hit £86.5m
The restaurant chain’s supermarket offerings saw an EBITDA growth of 56% and sales growth of 39%, with a net turnover growing 51% in FY21 compared to the same period last year
Asian-inspired food brand, Itsu, revealed that its City restaurants have seen “steady” growth throughout 2022, with a reported turnover of £86.5m during FY21, which is said to be an increase of 40% on the prior year.
In addition, the restaurant chain’s supermarket offerings saw an EBITDA growth of 56% and sales growth of 39%. Excluding intercompany sales, the grocery product’s net turnover reportedly grew 51% in FY21 compared to the same period last year.
The group’s third quarter reportedly exceeded pre-pandemic results and have been attributed to increasing numbers of customers being served midweek, with Mondays and Fridays showing signs of increased consumer spending.
Itsu started in central London and now has 77 restaurants across the UK and Europe, as well as a grocery business.
Greg Thorp, CFO of Itsu, said: “It’s been a long journey re-opening our City restaurants, but we’ve been overwhelmed by local support; our hot and healthy noodle and rice bowls are proving increasingly popular as we head into the colder seasons.
“Despite the changing dynamic of the week, with commuters continuing to work from home on Mondays and Fridays, we’re confident the City is bouncing back.”
