Let them eat cake! Patisserie Valerie owner sees revenue and profit surge
BIRMINGHAM-based Patisserie Holdings, parent of cake and coffee shop groups Patisserie Valerie and Druckers and sandwich shop chain Philpotts, has experienced a marked increase in both revenue and profit.
A year after it floated on AIM, the firm has issued its interim results for the six month ended March 31 and they will make pleasant reading over his morning coffee and Danish for its executive chairman, the entrepreneur Luke Johnson.
Revenue has leapt up by 22.2% to £43.7m, compared to £35.7m during the same period last year while pre-tax profit was up by 45% to £7m (2014: £4.8m).
Some ten new stores opened in the period, all funded from operating cash flow. The group had 156 trading stores at the period end.
Johnson said: “We have delivered another strong set of results in the first half of 2015.
“Sales across all of the different formats in the group continue to perform well and our brand awareness continues to grow.
“We have opened ten new stores since the beginning of the year and trialled several new product launches, such as afternoon tea, all with pleasing results.
“The group is well placed for a successful second half of the year and beyond.”
