New markets boost Patisserie Holdings' revenue and profit
Patisserie Holdings, which operates several bakery brands including Patisserie Valerie, reported a 14.4% increase in revenue for the six months to 31 March 2016, rising to £50m.
Pre-tax profit was up 20.6% to £8.4m over the same period.
The company opened 12 new stores during the six months and said that it had launched a number in locations like Preston, Durham, Cheshire Oaks and Bradford where it did not previously have a presence.
"These locations have lower rentals than more traditional larger city locations and with good sales these stores are exceeding management's expectations. The pleasing performance provides a good indicator of the demand for the growing Patisserie Valerie brand," it said in a statement.
Locations for the new openings varied from designer outlets, one motorway service station, two brasseries, two shopping centres, a new store in Scotland, and three concessions in Debenhams.
It also launched its first store under the premium Baker & Spice brand in Brighton. Baker & Spice, which Patisserie Holdings acquired in 2009, has hitherto operated in central London only.
Among other brands operated by Patisserie Holdings are Druckers, and wholesale bakery Four Power City.
Revenue from Patisserie Valerie's 126 stores was £35m for the period. Druckers and Baker & Spice accounted for £9.1m (an increase of £400,000), and revenue from Flour Power City was £1.8m.
The company also runs premium sandwich retailer Philpotts which generated £4.9m in revenue for the period, down by £100,000 due in part to an earlier Easter and a focus on higher margin corporate sales.
Commenting on the figures, executive chairman Luke Johnson said: "I am delighted to announce an excellent set of results for the six months to March 2016. 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."
Solid year of growth for operator of Patisserie Valerie >>Patisserie Valerie sees profit and revenue rise 22% >>Patisserie Valerie plans 20 more sites after reporting revenue of £76.6m >>Latest video from The Caterer
