Pieminister has reported 1% revenue growth in the year to 31 March 2023, with sales growing to £17.1m from £17m the prior year.
In accounts filed at Companies House, the pie specialist further reported that revenue within the retail channel increased 14% to £6.3m, with like-for-like (lfl) volumes increasing 11% in the retail estate, primarily due to the end of Covid restrictions.
Wholesale revenue declined 4%, attributed to financial pressures in the wider economy despite the group’s success in securing new distribution for its products.
Profit before tax was £1,000.
Gross margin decreased slightly from 24% to 23% due to cost price inflation. The business “found it necessary to absorb much of the increases incurred itself to keep our products affordable and delivering great value for money.”
During the period, Pieminister launched a new filo pie range into Waitrose, Ocado, and Tesco, as well as in many of its clients’ and own venues. The future innovation pipeline is “strong,” with plans to bring a new product range to the market in early 2024.
The business model in the retail channel has been simplified and adapted to focus on the elements that “proved to be robust” over the past two years. This now forms the foundation of the franchise model, according to the accounts.
Innovation remains a key focus to deliver top line growth in future periods for all operations within the group.
Pieminister operates 17 restaurants across the UK. Speaking to MCA in September 2023, co-founder Jon Simon described the brand’s move into franchising as a “no-brainer” for the omnichannel business, and said he is confident in reaching the 100-site mark by 2030.
