20th May 2015 09:40
LONDON (Alliance News) - Cafe operator Patisserie Holdings PLC on Wednesday said its pretax profit rose in the first half of its financial year as all of its outlets performed well and drove up revenue.
The company, which runs the Patisserie Valerie and Druckers chains, said its pretax profit rose to GBP7 million in the six months to the end of March, up 45% from the GBP4.8 million posted a year earlier. Revenue rose by 22% to GBP43.7 million against GBP35.7 million, with operating cash flows more than doubling to GBP8 million in the period.
The group said revenue from Patisserie Valerie rose by 19% in the period to GBP28.9 million, boosted by new product launches and trial voucher deals, which the company said sold "exceptionally well" despite the vouchers being offered at only marginal discounts.
Revenue from its Druckers and Baker & Spice stores rose to GBP8.7 million from GBP8.5 million, while revenue from its Flour Power City wholesale business rose to GBP1.1 million from GBP1.0 million.
The revenue growth was also boosted by Philpotts, the sandwich retailer it acquired in February 2014, which contributed GBP5 million to the total and has performed ahead of expectations since being integrated into the business.
Patisserie Holdings said it opened 10 new stores over the course of the year, bringing its total store estate to 156.
The group also reiterated that it intends to pay a final dividend for the financial year to the end of September, but it did not pay an interim dividend.
Trading in the second half so far has been encouraging, the company said, and it anticipates posting full-year results in line with its expectations for the full year.
"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. The group is well placed for a successful second half of the year and beyond," said Executive Chairman Luke Johnson.
Shares in Patisserie Holdings were up 3.6% to 290.10 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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