Patisserie Valerie owner hits £100m in revenue for the first time
Companies: Patisserie
Patisserie Holdings Plc, (LSE: CAKE), has reported £100m in revenues for the first time, in its tenth consecutive year of revenue and profit growth.
The Birmingham-based small cap reported Gross profit of £81m, EBITDA of £22.2m, and EPS of 13.60p/share, 20% ahead of its 2015 total, prompting management to raise its dividend by 20% to 2p/share.
Today's results show CAKE has continued to perform well since its August trading update and has managed to post record results despite Brexit headwinds.
In August, finnCap said CAKE was trading at "10% below pre-referendum levels and has been largely ignored in the post-Brexit recovery", and despite today's results at its current share price CAKE is still trading 13% below its pre-Brexit price.
finnCap reiterated it's stance today.
Luke Johnson, Exec Chairman of the group, said the results showed the continuing appeal of the company's brands, its financial strength, and the cash-generative nature of the business model.
"We have achieved growth in revenues and profits despite uncertain economic conditions and for the first time we have exceeded revenues of £100m: a significant achievement. Our roll-out programme continues to deliver successful store openings and I am particularly pleased with the performance of our first store in Northern Ireland. Our strategy remains that of organic growth; however we are well positioned to make acquisitions should any suitable opportunities arise."
The company has already opened 6 new stores in the first 8 weeks of this year and reportedly has a strong pipeline for the year ahead with several locations already secured, building the 21 new stores it opened in the most recent financial year.