Hotel Chocolat posts strong profit growth
Hotel Chocolat has seen its full year pre-tax profit climb ahead of expectations with an uplift of 11% to £14.1 million.
In the year to 30 June, revenue increased by 14% to £132.5 million while underlying EBITDA rose by 9% to £20.7 million.
During the period, Hotel Chocolat opened 14 new shops in the UK and Ireland, invested in two refits and relocated three stores to bigger sites. It also opened two stores in the US and launched two joint venture stores in Japan.
The company said profits in the UK improved faster than sales due to increased efficiency and the benefits of scale. Growth was also boosted by Hotel Chocolat’s leisure, gifts and experiences offerings and ranges of drinks and chocolate-dipped ice lollies. The company’s new Velvetiser in-home chocolate system was also popular with customers.
Hotel Chocolat’s new VIP ME loyalty scheme attracted over 900,000 active members during the period.
Angus Thirlwell, co-founder and chief executive of Hotel Chocolat, said: “I am pleased to report another year of significant progress for the group with profits growing slightly ahead of expectations. Profit from existing group operations increased faster than sales growth, enabling us to invest in new markets. “
The company said trading since the end of the financial year has been in line with expectations.
Andew Gerrie, Hotel Chocolat chairman, said: “Despite the challenges and uncertainties facing the wider economy, the strength of the brand drives great customer loyalty and we are well positioned for future growth, with a strong pipeline of opportunities.”
