14th Oct 2019 08:50
(Alliance News) - Cake Box Holdings PLC on Monday said it is confident about meeting annual market expectations after reporting like-for-like sales growth in the first half of its financial year.
The producer of bespoke egg-free cakes anticipates revenue growth of 6.0% year-on-year to GBP8.8 million from GBP8.3 million in the six months ended September 30.
Cake Box added that like-for-like sales in its existing stores rose by 6.9% in the half.
During the period, it opened nine new franchise stores, taking its total estate to 122. Its new openings included sites in Kent, Derbyshire and Berkshire.
Cake Box said: "In addition, three new franchise stores are expected to open imminently and post the period end. The new store pipeline remains strong and the Group is on track to achieve its store opening target for the year."
The company will release its interim results on November 25.
Co-Founder & Chief Executive Sukh Chamdal said: "I am very pleased with our performance over the first half, particularly our ongoing momentum in like-for-like sales at 6.9%. We have continued with our new store roll-out, opening nine in the period.
"This was slightly lower than the comparative period last year, however we already have a further three stores fitted-out and once the final legal processes are completed will be open for trading and so will be recognised in the second half."
Shares in Cake Box were 1.2% lower at 168.00 pence each in London on Monday morning.
By Eric Cunha; [email protected]
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