West Cornwall Pasty Co‘s full year financial statements published today has revealed substantial profit growth, indicating an impressive turnaround success story.
For the full year to March 25, sales figures stood at £13 million, with underlying like-for-like sales increasing by 7.6 per cent.
The food retailer‘s EBITDA also increased by 85 per cent to £1.02 million, compared to £550,000 the previous year. The result represents an impressive turnaround success story of over £1.8 million in just under two years.
The business also has no institutional debt and at the year‘s end it had £1.4 million on deposit with its bankers.
West Cornwall Pasty executive chairman Chris Peck said the chain‘s strategic shift towards a profile raising, lifestyle approach has influenced its growth.
“Especially in the travel and sports sector with a proven track record of significant impact,” he said.
“Continued investment into strong communication and engagement with our expanding customer base, innovating with new headline products and exciting new generation store refurbishments has placed the spotlight well and truly on all brand activity both digitally and at store level.”
West Cornwall Food Co also recently launched with an extended product range, including freshly made sandwiches and a luxury range of cakes.
The first store to carry the new range was at Canterbury, where sales since the changes were made have risen to 50 per cent compared to last year.
The second West Cornwall Food Co opened in August in Chichester and r roll-out of the concept store is planned well into 2017 to a number of other high street West Cornwall Pasty Co stores.
“We are pleased with the results so far,” Peck said.
“Since the year end, trading remains very robust with like-for-like sales up in double digit growth.
“We expect another year of substantial profit growth as we continue to innovate and engage with current and new customers.”