25th Nov 2019 09:04
(Alliance News) - Cream cake maker Cake Box Holdings PLC bumped up its interim dividend by 33% on Monday following a solid interim performance.
Shares were 7.6% higher in early trade in London on Monday at a price of 149.50 pence per share.
Cake Box is returning 1.60p per share for the six months to September 30, up 33% from the 1.20p paid a year before, with cash generation remaining "strong".
The company's pretax profit rose 27% to GBP1.7 million with revenue climbing by 6% to GBP8.8 million. Like-for-like sales growth was 6.9%, accelerating from 4.4% for the same period a year before.
Adjusted pretax profit slid 12% to GBP1.7 million. This figure stripped out initial public offering costs, but included six months of costs as a public company, compared to three months a year before.
Enfield-based Cake Box joined the London Stock Exchange in June 2018, raising GBP16.5 million in its IPO.
"During the period our focus has been on the consolidation of our strategy as we continue to grow the business through rolling out new stores, improving our customer offer and expanding our customer base, which is attracted to our unique, egg-free proposition," said Chief Executive Sukh Chamdal.
"Our continued momentum has again led to a good financial performance during the half."
Nine stores were added to the portfolio during the half, and more will come in the second half of its year.
Since the half's end trading has been "encouraging", Cake Box continued, and the company said it is on track for "another" year of growth.
By George Collard; [email protected]
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