Patisserie Holdings has reported EBITDA for the year to 30 September up 15.7% to £25.6m.
The Patisserie Valerie operator said revenue for the period was up 9.7% to £114.2m, including a 26% rise in online sales – to £4.8m.
The Luke Johnson-chaired group opened 20 stores in the year including sites in 12 new geographical locations, taking the estate to 199 stores at the year end. The openings were predominantly in high-street and retail parks locations, (11 stores) however the group also developed its partnership with Debenhams and opened one store at St Pancras train station. It also made the first addition to the Philpotts brand since acquiring it in 2014 – saying the success of the opening showed the potential for further rollout of the brand.
Since the year end Patisserie Holdings opened four new stores with two store due to open in the next two weeks, exchanged contracts for two stores and is in advanced negotiations at a further five locations.
During the year the group entered into a supply only agreement with Sainsbury’s and was trading from 18 Sainsbury’s counters by the year end.
The group also said it was reviewing options for an additional production facility in the Manchester area with capacity to serve approximately 70 stores as well as instore baking of morning goods from within all stores.
Johnson said: “We have delivered another year of excellent financial results, achieving our targets in a challenging environment. We opened 20 new stores many of which are performing ahead of expectations, and the performance of our new bakeries in the Republic of Ireland is encouraging. Our indulgent, affordable treats remain attractive to customers, and our flexible business model has enabled us to mitigate inflationary cost pressures. With a highly cash generative group, strong brands and a focused management team I remain confident of another year of growth and achievement.”