Patisserie Valerie eyes new factory as profits up 17%

Patisserie Valerie eyes new factory as profits up 17%

The café and casual dining group has announced its preliminary results for the 12 months ended 30 September 2017, reporting pre-tax profit of £20.2m, up 17.1% on the previous year.

Revenue also received a boost, as it rose 9.7% to £114.2m, and online sales grew by 26%.

This successful 12-month period can be attributed to the opening of 20 new Patisserie Valerie stores, expansion into Ireland and Scotland, and a deal with Sainsbury’s.

Luke Johnson, executive chairman of Patisserie Holdings PLC said: "We have delivered another year of excellent financial results, achieving our targets in a challenging environment.

“We opened 20 new stores many of which are performing ahead of expectations, and the performance of our new bakeries in the Republic of Ireland is encouraging. Our indulgent, affordable treats remain attractive to customers, and our flexible business model has enabled us to mitigate inflationary cost pressures.

“With a highly cash generative group, strong brands and a focused management team I remain confident of another year of growth and achievement."

Patisserie Valerie’s cafes are supplied by its main bakery in Birmingham and seven others around the country. The company is now reviewing options for an additional production facility in the Manchester area, with capacity to serve approximately 70 stores.

Published: 27 November 2017

Article by Ellen McGann
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