West Cornwall Pasty Company has released its latest financial statement, with sales figures of £13m and underlying like-for-like sales increasing by 7.6% for the year ending 25 March 2016.
During the period EBITDA increased by 85% to £1.02m, compared to £550k in 2015.
The company has turned around its performances and now claims to be one of the best-performing like-for-like sales growth food businesses in the retail market.
Executive chairman Chris Peck commented: “West Cornwall Pasty Co is a brand in high demand. Our strategic shift towards a profile-raising lifestyle approach has influenced a robust fast-track growth plan especially in the travel and sports sector, with a proven track record of significant impact.
“Continued investment into strong communication and engagement with our expanding customer base, innovating with new headline products and exciting new generation store refurbishments have placed the spotlight well and truly on all brand activity, both digitally and at store level.”
The business has no institutional debt and, at year-end, it had £1.4m on deposit with its bankers.
The company has targeted new sales channels, and has recently secured contracts with Welcome Break and retail outlets at Twickenham stadium.
Earlier this month, we caught up with Chris Peck, who explained the “turnaround story” for his business since he took the helm in 2014.