27th Nov 2015 07:50
LONDON (Alliance News) - Patisserie Holdings PLC on Friday expressed confidence for "another successful year ahead" and proposed a maiden final dividend, as it reported a rise in pretax profit in its recently ended financial year.
The company, which owns the Patisserie Valerie brand of cafés, proposed a maiden final dividend of 1.67 pence per share.
Patisserie Holdings reported a pretax profit of GBP14.6 million for the year to end-September, up from GBP10.4 million a year before, as revenue rose to GBP91.9 million from GBP76.6 million.
Revenue growth was driven by the company's acquisition of Philpotts in 2014. Revenue from its Patisserie Valerie stores rose by 23% as the company focused on its store roll-out programme, and it launched new product lines, the most successful of which was its new afternoon tea.
Online revenue rose 20%, boosted by its new 'create-a-cake' feature, which generated GBP800,000 in revenue.
Patisserie Holdings said it is on track to achieve its targeted 20 store openings for its current financial year; since the year end it has opened 6 additional stores, exchange contracts at 4 sites and is in advanced negotiations for a further 8 sites.
"We are well positioned for future organic growth and acquisitions and I am particularly pleased to be able to announce our maiden dividend. Our pipeline for new stores is strong and I am confident of another successful year ahead," said Executive Chairman Luke Johnson in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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