Patisserie Valerie owner takes the cake with 20% revenue hike

BIRMINGHAM-based Patisserie Holdings, parent of cake and coffee shop groups Patisserie Valerie and Druckers and sandwich shop chain Philpotts, has seen its revenue and profit surge in the year to September 30.

Some 18 months after it floated on AIM, the firm reported in preliminary annual results that revenue had increased by 20% to £91.9m (2014: £76.6m) while its statutory pre-tax profit leapt by 40.4% to £14.6m (2014: £10.4m).

Underlying operating cash inflows of £18.3m are up 118% with net cash of £6.1m at the year end.

The firm reported that online sales are up 20% to £3.1m (2014: £2.6m).

It is proposing to pay a maiden final dividend of 1.67 pence per share.

Operational highlights during the period include the successful launch of “create-a-cake” and afternoon tea, which generated revenue of £0.8m and £1.2m respectively, and the opening of 26 new stores in the last 14 months.

The company had 166 outlets at year end (2014: 148).

Continued group expansion has seen the launch of its first designer outlet store at Resorts World at the NEC, and its second motorway service station outlet.

Some 20 new stores are targeted for financial year 2016, including a first store in Belfast and the rollout of the Baker and Spice brand
 
Executive chairman Luke Johnson said “We are pleased to announce another record year for the group where we have delivered excellent financial results. 

“We strengthened our team following our IPO on AIM and have seen the benefits this year with new ideas and products enhancing our brands’ reach.

“We are well positioned for future organic growth and acquisitions and I am particularly pleased to be able to announce our maiden dividend. Our pipeline for new stores is strong and I am confident of another successful year ahead.”

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