Paul UK, the 37-strong French bakery and cafe brand, has today announced its financial results for the year ended 31 December 2017, showing group turnover: £35.4m (2016: £32.3m), up 9.6%.
Revenue was up by 2.4% on a like-for-like basis, and group EBITDA (after head office costs) was maintained at £3.2m, 0.7% up on last year.
Three new units opened: a new format kiosk at Tower 42 offering a specialist coffee experience; a second kiosk at the new Westgate Shopping Centre in Oxford, and a bakery at Hammersmith Broadway, in line with the brand targeting major transport hubs.
Online sales increased by 58% due to increased IT investment in the brand’s online ordering system.
Further development of the brand’s catering/delivery range resulted in the introduction of more individual products, a greater selection of platters for corporate meetings/parties and more variety in Paul’s special celebration cakes
Paul increased its reusable cup benefit, as part of the ‘Paul Cares Policy’, from 10p to a 25p discount for customers.
Jean-Michel Orieux, CEO. Paul UK, commented, “This is solid and pleasing performance from Paul in the light of challenging trading conditions such as rising property costs, fall in sterling and increased minimum wage. Closer ties with suppliers and improved menu engineering saw costs controlled, allowing us to continue to strategically and carefully expand.
'We owe these results to our amazing, committed team who daily deliver our promise of freshness and passion for quality to our loyal customers. We will continue to evolve our product range and are confident that PAUL will continue to engage with our customers and perform well.”
The company plans to open two new stores in 2018, including a larger unit in Canary Wharf, and investment in the estate continues to finish the overall refurbishment plan, started three years ago.
New products continue to be developed to ensure Paul is a market lead in French bakery and patisserie.
The company is in its third year of partnering with the charity The Felix Project through its Paul Share programme. The Company continues to distribute not only unsold items, but specially baked products to help the homeless whilst supplying school breakfasts for underprivileged kids and raising enough funds to purchase a second delivery van.