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Patisserie Holdings serves up tasty first half numbers

Patisserie Holdings serves up tasty first half numbers
Shares in Patisserie Holdings have risen 47% in the past 12 months.

Shares in café and cake chain Patisserie Holdings (LON:CAKE) headed higher after the firm reported rising revenue and profit in its first half.

The owner of Patisserie Valerie, Baker & Spice and Philpotts, said pre-tax profits soared 45% to £7mln in the six months to 31 March.

New stores, winter menus and afternoon tea helped drive the figures, with total revenues climbing 22% to £44mln.

Takings from its 106 Patisserie Valerie outlets totalled £29mln, up 18.8% on last year’s first half. Voucher deals sold well, the firm added.

“Sales across all of the different formats in the group continue to perform well and our brand awareness continues to grow,” said executive chairman Luke Johnson.

“The group is well placed for a successful second half of the year and beyond."

Management reaffirmed their intention to offer a maiden dividend to be paid at the end of financial year ending 30 September 2015.

Johnson said he was confident that Patisserie would deliver another set of positive results in line with the board's expectations at the year end.

Shares have risen 47% in the past 12 months and added 12p today to reach 292p.

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