Patisserie Holdings, the upmarket cafe operator, saw its turnover for the year to 30 September 2011 break the £40m barrier for the first time on the back of its expansion programme.
For the 12 months, turnover for the group, which operates c.80 sites under the Patisserie Valerie, Druckers and Baker & Spice brands, stood at £40.4m, up from £31.2m in 2010, while EBITDA climbed from £6m to £8m.
Full-year pre-tax profit increased to £4.6m against £1.2m in 2010, while operating profit rose from £3.2m to £5.3m.
Net debt for the group stood at £22.5m at the year end, down from £24m in 2010.
During the year, the group opened 12 new sites, the majority under the Patisserie Valerie brand. It said that all were trading positively and were making “good contributions to the group”.
The company, which is backed by Luke Johnson's Risk Capital Partners, said that despite the current economic climate it remained optimistic about trading and currently the business was “ahead of last year” for the first three months to date.
It said that it was its intention to continue with the group’s opening programme and had plans in place to open in excess of 12 new sites during its current financial year.
The group, which has been concentrating on the regional expansion of its Patisserie Valerie chain over the past 18 months, has opened five new sites since the year end with trade in all “being encouraging”.
It recently opened its 51st site under that format in Bury St Edmunds and also secured further sites in Colchester, Leicester, Reading and Sutton,
Patisserie Valerie, which is led by chief executive Paul May, has previously talked about taking the chain to more than100 sites in the UK, plus 15 in the Middle East, where it currently operates two franchise stores in Bahrain and Dubai.
Patisserie Holdings also operates four Baker & Spice-branded units in London and 28 Druckers outlets.
