18th May 2016 07:44
LONDON (Alliance News) - Patisserie Holdings PLC on Wednesday reported growth in profit in the first half of its financial year as revenue rose for most of its brands and said it is confident on the outlook for the second half of the year.
The cafe and casual dining group, which owns the Patisserie Valerie chain, said pretax profit in the six months ended March 31 rose by 20% to GBP8.4 million from GBP7.0 million in the first half of the prior year, as revenue grew 14% to GBP50.0 million from GBP43.7 million.
Patisserie Holdings said it achieved growth in most areas of its business. Revenue at Patisserie Valerie increased to GBP35.0 million from GBP28.9 million, while increasing to GBP9.1 million from GBP8.7 million at retail brands Druckers and Baker & Spice, and rising to GBP1.8 million from GBP1.6 million at wholesale bakery Flour Power City.
Revenue at sandwich retailer Philpotts declined, however, to GBP4.9 million from GBP5.0 million due to the earlier timing of Easter and due to a focus on higher-margin corporate sales, Patisserie Holdings said.
Patisserie Holdings will pay an interim dividend of 1.00 pence, its first interim dividend since listing in London in May 2014. The company paid a 1.67p final dividend in financial 2015.
"The group has continued to deliver strong growth in sales and profit in what is a competitive trading environment. We opened 12 new stores in the period all of which are performing well. Our pipeline for new stores is well developed, and I look forward to another period of strong growth in the second half of the year," Executive Chairman Luke Johnson said in a statement.
Shares in Patisserie Holdings were trading up 2.9% at 347.84 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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