Patisserie Holdings saw revenue grow 9.1% to £60.5m in the six months to 31 March.
Patisserie Valerie grew sales by £5.4m or 13.2% to £45.8m. Due to a store closure in the prior year, revenue from other brands was down £300,000 or 2.6% to £14.7m.
EBITDA for the period was up 11.6% to £13.6m while pre-tax profits of £11.1m were up 14.2%
Online sales in the period grew 62.5% to £2.6m
The company said it had established a new product development team which was currently trialling a number of initiatives in selected stores including a new menu, a new savoury range and in store bake-off of morning goods.
It added that the partnership with Sainsbury’s also continued to drive sales, with a supply only agreement for a limited Patisserie Valerie range to be sold at Patisserie Valerie branded counters within Sainsbury’s stores. There are currently counters in 31 Sainsbury’s stores in addition to 14 click and collect locations. The group will shortly be entering a further 10 Sainsbury’s stores.
Ten new stores have opened been opened to date and the group is on track to deliver the annual target of 20 new openings.
The openings included five new geographical locations at Basingstoke, Wigan, Cwmbran, Chesterfield and Carlisle. In addition it opened new stores in Glasgow, Liverpool, Cardiff, Milton Keynes and Sutton Coldfield.
Builders are on site in three locations; Lancaster, Battersea and Belfast Forestside. These stores are expected to be open by the end of May 2018..
In the period two stores closed following lease expiries and the group exited one concession arrangement.
Chairman Luke Johnson said: “The group has delivered a strong set of results in a sector which has well documented challenges. Our vertically integrated and flexible business model enables us to deliver consistent profits with our affordable treats remaining popular with our very diverse customer base. We remain focused on organic growth and with a strong balance sheet continue to assess acquisition opportunities which will have a strategic and cultural fit.”