Growth in its own retail outlets has driven a strong performance by Bristol-based pie chain Pieminister in the past year.
Reporting a 17% increase in turnover to £10.8m in its accounts for the year to 31 March 2016, the business said it had benefitted from growth through its own restaurants and branded outlets operated by foodservice partners.
Profit before tax rose from £99,000 in 2015 to £315,000, and the firm said it was confident the improved performance would continue into the next financial year.
The business had opened new sites in Leeds, Nottingham and Bristol, and said it had focused on improving margins in the context of “competition in the fast casual dining sector and high real estate costs”.
“We have also been focusing on developing strategic relationships with key partners in the foodservice industry, which has resulted in branded outlets in universities and a number of pub groups,” the business reported.
Pieminister said its gluten-free pie range – which it has this month extended – had secured listings with independent retailers across the country, and that it was confident of growing distribution.
“Product development will continue to be at the core of our strategy, delivering products that will perfectly complement our core range of pies and we will continue to utilise our unique strategic position of direct contact with consumers to become the leader in pie innovation with a target of 100% innovation launch success rate.”
With regards to developing the wider business, Pieminister said it would continue its strategy of building a strong brand presence in the retail and foodservice channels.
“Whilst mindful of the potential for some economic uncertainty in the months ahead, we believe the current economic environment presents significant opportunities and are confident in our strategy and the actions we are taking to grow a strong and sustainable business,” it added.
Pieminister said it considered ingredient cost price increases a key risk for the future, but would mitigate this by continually evaluating its supply chain.