Bakery chain Paul has revealed that it has increased turnover by 12.3% to £32.3m.
The group said that it had grown EBITDA for the year to 31 December 2016 by £3.2m, while revenue was up 3% on a like for like basis.
Having opened two news sites in the period - Notting Hill Gate and Earl's Court in London - the estate now stands at 36 sites.
It is currently undergoing a refreshment programme, with 11 sites complete and a further five planned.
Chief executive Jean-Michel Orieux said: "The fall in the value of sterling, business rate increases and the absorption of the National Living Wage provide challenging trading conditions. Through the continued refurbishment of our stores, development of our product range and central bakery plus commitment to our team and processes, we are confident Paul will continue to engage with our customers and perform well."
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