Patisserie Holdings, the café and casual dining group which owns Patisserie Valerie and Baker & Spice, has reported growth in profit in the first half of its financial year. Revenue at Patisserie Valerie increased to £35m in the six months to 31 March, up from £28.9m in the same period last year. Revenue increased to £9.1m from £8.7m at retail brands Druckers and Baker & Spice, and rose to £1.8m from £1.6m at wholesale bakery Flour Power City.
At Patisserie Holdings, pre-tax profit in the six months to 31 March rose by 20% to £8.4m, up from £7m in the first half of the previous year. Ebitda increased 21.3% to £10.6m, and revenue grew 14% to £50m, up from £43.7m in the first half of the last financial year.
Revenue rose for most of Patisserie Holdings’ brands, and it said in the update it was confident on the outlook for the second half of the year. The company said it achieved growth in most areas of its business.
Revenue at sandwich retailer Philpotts declined, however, to £4.9m from £5m due to the earlier timing of Easter and a focus on higher-margin corporate sales, Patisserie Holdings said.
Patisserie Holdings will pay an interim dividend of 1.00 pence, its first interim dividend since listing in London in May 2014. The company paid a 1.67p final dividend in financial 2015. Shares in Patisserie Holdings have jumped 4.4% this morning as a result.
Luke Johnson, executive chairman of Patisserie Holdings, said: “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.”