Cake Box Holdings PLC on Monday said it delivered a strong set of annual results despite a challenging economic and trading environment.
In the year ended March 31, the Wembley, London-based egg-free cream cake seller reported a pretax profit of £7.7 million. This represented an increase of 83% against the £4.2 million achieved the previous year.
Shares in Cake Box were up 11% at 185.60 pence on Monday morning in London.
Revenue rose 51% to £33 million from £21.9 million as the company reported 41% growth in online sales in the year. Cake Box said growth was driven by increases in store like-for-like sales following the addition of 31 new stores around the UK.
Sales since the year end have remained robust and strong against comparative periods, the company said. ‘We continue to increase our geographic presence with a strong store opening programme to drive future growth, whilst investing in marketing to grow brand awareness and strengthening our digital capabilities,’ it added.
Cake Box said it was mindful of an increasingly challenging economic and trading environment moving forward but Chief Executive Sukh Chamdal remained upbeat: ‘As I said at the height of the Covid pandemic, there will still be birthdays, marriages and countless moments in our lives to celebrate with a slice of our delicious cake.’
It declared a final dividend of 5.1 pence per share, up from 3.7p the previous year and bringing the company’s full-year payout to 7.6p, up from 5.55p a year ago.
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