Patisserie revenues and profits rise

Patisserie Holdings reports its tenth consecutive year of revenue and profit growth with revenue up 13.3% to £104.1m (2015: £91.9m) with online sales up 23% to £3.8m (2015: £3.1m).

Gross profit rose to £81.3m up by 14.5% (2015: £71.0m) with gross margins of 78.1% (2015: 77.3%).

Other highlights:

- EBITDA of £22.2m up 18.1% (2015: £18.8m)

- Excellent growth in pre-tax profit to £17.2m up 18.2% (2015: £14.6m)

- Diluted earnings per share of 13.60 pence up 20.1% (2015: 11.32 pence per share)

- Net cash at year end of £13.3m (2015: £6.1m) with operating cash inflows of £22.0m (2015: £18.3m)

- Average store payback period of 23 months

- Final dividend of 2.00 pence per share proposed up 20.0% (2015: 1.67 pence per share)

Executive chairman Luke Johnson said: "The excellent results for the year show the continuing appeal of our brands, the financial strength of the group and the strong cash generative nature of our 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.

"Performance for the first eight weeks of the year has been encouraging and we have already opened six new stores. We have a strong pipeline for the year ahead with a number of promising locations already secured. We will continue to control costs and manage our supply chain in this period of macro-economic uncertainty, thus I am confident of another successful year of growth."