Patisserie Valerie whips up an increase in profit

Patisserie Valerie continues to cream the competition as it served up another increase in sales and profits.

Despite the crisis affecting the casual dining sector, the Birmingham-headquartered group saw pre-tax profits rise 14% to £11.1m in the six months to March. Revenues also grew in the period, up 9% to £60.5m.

The retailer opened 10 stores to take its portfolio above 200.

Patisserie Valerie’s executive chairman Luke Johnson said: “The group has delivered a strong set of results in a sector which has well documented challenges.

“Our vertically integrated and flexible business model enables us to deliver consistent profits with our affordable treats remaining popular with our very diverse customer base.

“We remain focused on organic growth and with a strong balance sheet continue to assess acquisition opportunities which will have a strategic and cultural fit.”

Investors believe Patisserie Valerie remains a tasty proposition, driving its share price to an all-time high last week, which valued the company at around £450m.