Patisserie Valerie operator Flower Power Group has reported a return to profit in 2022 after heavy losses in 2021.

The Causeway Capital-backed group closed a “a number of loss-making sites” during the period, believed to be around nine, as it undertook a restructure to strengthen its financial position.

For period ending 27 March 2022, the 25-strong business posted turnover of £25.3m (2021: £10.2m).

EBITDA was £3.3m (2021: loss of £1.6m).

Operating profit was £2.48m, (2021: loss of £3.14m).

Profit after tax was £566,270 (2021: loss £4.4m).

Online sales revenue increased 35% to £5.1m. Wholesale revenue growth was up 194%, with Patisserie Valerie products available in 400 Sainsbury’s stores.

The future outlook will be focussed on the growth of online and wholesale channels.

The group has bet liabilities of £17.1m, with Causeway Capital committing to continue supporting the business.