Patisserie Holdings reports record annual profit and revenue

In the 12 months to the end of September, statutory pre-tax profit rose 17% to £20.2m on revenue of £114.2m, up 9.7% from the year before. Online sales were up 26% to £4.8m and the company, which also owns Baker & Spice and Philpotts, lifted its interim dividend to 2.40p a share from 2.0p.

During the year, it opened 20 new stores, including stores in 12 new geographical locations. The group's expansion outside of England continued with stores opened in the Republic of Ireland, a second store opened in Northern Ireland and two new stores in Scotland.

Patisserie is currently 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 of its stores. The group said both of these initiatives will provide additional capacity and release savings and efficiency and improve product quality.

Executive chairman Luke 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."

At 0822 GMT, the shares were up 4.3% to 327.25p.