Patisserie Holdings PLC, the leading UK branded cafee and casual dining group, has reported its preliminary results for the 12 months ended 30 September 2017.
Revenue for the year stands at £114.2m, an increase of £10.1m or 9.7% (2016: £104.1m). EBITDA is £25.6m, an increase of £3.4m or 15.7% (2016: £22.2m) and profit before tax is £20.2m, an increase of £3.0m or 17.1% (2016: £17.2m).
Revenues from its largest brand, Patisserie Valerie, which trades from 152 stores, are £84.3m, up £10.4m or 14.1% (2016: £73.9m from 135 stores) and revenues from the other brands are £29.9m, down £0.4m or 1.3% due to two store closures (2016 £30.2m).
In the first half of the year, the group experienced rising costs with prices returning to normalised levels in the second half of the year. It worked hard with suppliers to manage costs and also realised production efficiencies from investment in the bakeries in the prior year, which resulted in a stable gross profit margin of 78.2% (2016: 78.1%). Although the inflationary environment appears to be easing, the firm remain alert to any pricing pressures.
During the year, the group successfully achieved the target of opening 20 stores across counter and full menu offerings. The openings were predominantly in high-street and retail parks locations, (11 stores), however it also developed a partnership with Debenhams.
Three of the openings were in retail outlets: McArthur Glenn Ashford, Rushden Lakes Northampton and The Lexicon Bracknell, bringing the total number of stores in retail outlets to seven. Performance at all of stores in retail outlets remain consistently strong. The firm also opened one store at St Pancras train station and one Philpotts store in Northern Ireland.
During the year, leases on five stores expired and as these stores were no longer in prime locations they were closed, taking the total number of trading stores to 199 at the end of the year (2016: 184).
Beyond this financial period, the company has launched a new cafe in Basingstoke on 22 November.
Luke Johnson, Executive Chairman, 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.”