Cake Box Holdings PLC shares climbed on Tuesday, after it said it brought in record revenue in its most recent financial year, helped by a strong second half.

The Enfield, London-based maker of egg-free cakes expects revenue to rise around 50% year-on-year in its year ended March 31, with adjusted pretax profit to come in line with market expectations.

Shares in Cake Box were up 7.5% to 207.00 pence each in London on Tuesday morning.

In the ten months to March 31 - excluding the lockdown and closures that started in March 2020 - revenue is expected to have increased by around 32%, and total franchisee sales by 12% on a like-for-like basis.

Franchisee sales grew around 41% during the year, and around 27% on a ten-month basis.

Cake Box brought in £21.9 million in revenue in financial 2021, and £16.5 million in the first half of financial 2022. It opened 11 new franchise stores in its second half, growing the total number to 31, up 29% from 24 in financial 2021.

‘We have delivered another record performance for the year, demonstrating the continuing appeal of our customer and franchisee proposition. Our strategy to reach customers across the UK is starting to deliver,’ says Chief Executive Officer & Co-Founder Sukh Chamdal.

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