Patisserie Holdings reports growth in sales and profit
Patisserie Valerie owner Patisserie Holdings saw its pre-tax profit rise by 15.7% to £9.7 million in its first half.
In the six months to 31 March, revenue climbed by 11% to £55.5 million while EBITDA was up 15.6% to £12.2 million.
Revenues from the company’s principal brand, Patisserie Valerie, rose by 15.7% to £40.4 million in the period.
Patisserie Holdings said its seasonal ranges performed particularly well with sales from its winter menu up over 160%.
Luke Johnson, executive chairman of Patisserie Holdings, said: "We have delivered another strong set of results with growth in both revenues and profit and excellent cash conversion despite the challenging market conditions and the current inflationary environment.”
Digital sales increased by 14.3% to £1.6 million and the company’s Cakeclub membership rose by 22,000 to 383,000.
The company said it is now on track to achieve its target of 20 new store openings by the end of the year.
Johnson continued: “With a strong balance sheet and an experienced management team, we remain operationally focused on the organic delivery and continue to assess acquisition opportunities. Accordingly, I am confident of delivering a successful second half of the year and beyond."
Earlier this month, Sainsbury’s announced that it is trialling the sales of Patisserie Valerie cakes at the patisserie counters in 12 of its stores as part of plans to differentiate its food offering.
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