Patisserie Holdings – which owns Patisserie Valerie, Philpotts and Baker & Spice – has reported a 9.7% rise in revenue to £114.2m despite challenges posed by rising cost pressures.
For the 12 months ended 30 September 2017 earnings before interest, taxes, depreciation, and amortisation (EBITDA) was up 15.7% to £25.6m, and pre-tax profit rose 17.1% from £17.2m to £20.2m during the period.
This is credited to an increase in online sales (26%) and Patisserie Holdings’ “flexible” business model which has enabled them to “mitigate inflationary cost pressures”.
This year Patisserie Holdings opened 20 stores as part of its plan to expand outside of England. It saw the launch of two stores in Republic of Ireland, a second site in Northern Ireland and two new venues in Scotland.
It also secured a supply-only agreement with Sainsbury’s and at the period end it was trading from 18 Sainsbury’s counters.
Luke Johnson, executive chairman, said: “We have delivered another year of excellent financial results, achieving our targets in a challenging environment. We opened 20 new stores many of which are performing ahead of expectations, and the performance of our new bakeries in the Republic of Ireland is encouraging. With a highly cash generative group, strong brands and a focused management team I remain confident of another year of growth and achievement.”
Patisserie Holdings operates 199 stores in the UK. It currently trades under five brands: Patisserie Valerie, Druckers Vienna Patisserie, Philpotts, Baker & Spice and Flour Power City.
It has 20 new store openings targeted for 2018 with four opened since the financial year end.
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