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.
