// Cake Box’s pre-tax profits up 14% to £3.8m for the year to March 31
// Overall revenue jumped 33% to £16.9m and like-for-likes up 6.5%
// Franchise cake retailer opened 27 new stores during the year
Cake Box has unveiled double-digit profit and sales growth amid continued expansion in its first year as a stock market-listed business.
The egg-free cream cake brand and retailer – which operates on a franchise model – opened in 27 new stores in the year to March 31.
This is an increase on the 23 new stores it opened the prior financial year.
As of the end of March, Cake Box had 113 franchise stores in operation.
Meanwhile, pre-tax profits were up 14 per cent to £3.8 million, while overall revenue shot up 33 per cent to £16.9 million.
The cake retailer added that like-for-like sales at franchise stores grew 6.5 per cent, while online sales meanwhile skyrocketed by 58 per cent to £4.4 million.
The results come almost a year after Cake Box floated on London’s junior market, when it achieved a valuation of just over £50 million.
The rising share price since then has pushed the market capitalisation to over £66 million.
“These results demonstrate the continuing appeal of the Cake Box brand, to both customers and franchises, combined with the financial strength of the group, particularly the strong cash generative nature of our business model,” chief executive Sukh Chamdal said.
“In the past financial year, we have made good progress with our strategic priorities of new store growth, growing our existing stores, introducing new product lines and developing our digital marketing.”
Cake Box said it was on track to deliver its target of two new stores per month in the current financial year.