Sweet first set of results from Patisserie Valerie parent
PATISSERIE Holdings, the parent company of Birmingham-based cake and coffee shop groups Patisserie Valerie and Druckers and sandwich shop chain Philpotts, has seen revenue increase by 27.5%.
In its first set of full year results since its listing on AIM in May, the group revealed revenue of £76.6m compared to £60.1m 12 months ago
Its preliminary results for the 12 months ended September 30 reveal adjusted pre-tax profit was up by 37% to £11.3m (2013: £8.2m). That figure excludes £900,000 of costs associated with admission to AIM and the acquisition of Philpotts.
Patisserie Holdings says it has a strong balance sheet and that all long-term debt was repaid during the year.
It said its operations remain strongly cash generative and revealed that it has seen a 100% increase in online sales to £2.6m (2013: £1.3m).
Some 19 new stores were opened in the year and the acquisition of Philpotts (Holdings) in February added 23 stores to the group.
During the period in question the group saw its first motorway service station and retail park stores opened and its first store in Wales.
Some 20 new stores targeted for 2015.
Luke Johnson, executive chairman, said: “I am pleased to report another excellent performance for Patisserie Holdings in what has been a pivotal year in the development of the group.
“The management team has delivered the eighth consecutive year of organic growth, acquired the Philpotts business and in May successfully listed the company on AIM.
“Each of our five differentiated brands continues to grow and, with the Group’s strong cash generation funding our future organic growth, we are looking forward to another exciting year in 2015.”