Solid year of growth for operator of Patisserie Valerie
Patisserie Holdings, the company which operates Patisserie Valerie among its portfolio of five brands, has reported a 20% growth in revenue to £91.9m for the 12 months to 30 September, with gross profit up 19.7% to £71m.
Highlights during the year, which saw adjusted EBITDA rise by 22.9% to £18.8m, included the successful launch of the "create-a-cake concept, allowing customers to design their own gateaux, and afternoon tea, which generated revenue of £800,000 and £1.2m respectively.
Twenty new stores are set to open during the next financial year, including a first store in Belfast and the roll-out of the premium Baker and Spice brand, which was acquired in 2009 with four outlets.
Paul May, chief executive of Patisserie Holdings, said: "We delivered our ninth consecutive year of growth in 2015 and this upward trend has continued into 2016 as trading to date remains positive. We have already opened eight new stores in the seven weeks since the financial year end. We have a well advanced pipeline and a healthy balance sheet, which puts our company in a strong position to deliver another year of solid growth in 2016."
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