Patisserie Valerie owner enjoys strong profit growth
Patisserie Valerie owner Patisserie Holdings grew its pre-tax profits by 20.6% to £8.4 million in the six months to 31 March as it opened 12 new stores.
Revenue for the period was £50 million which represented a rise of 14.4% year-on-year.
Patisserie Valerie, its biggest brand, delivered revenues of £35 million from 126 stores which was an increase of 21.1% on the same period last year.
Revenue from retail brands Druckers and Baker & Spice grew to £9.1 million from £8.7 million previously. Meanwhile premium sandwich retailer Philpotts saw its revenue decrease by £0.1 million to £4.9 million which was partly due to an earlier Easter period and a focus on higher margin corporate sales.
Luke Johnson, Patisserie Holdings executive chairman, 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".
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