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Cake Box now “bigger & better” after pandemic as profits grow 12%

// Cake Box pre-tax profits jumped by 11.8% to £4.2m for the year to March 31
// Group revenues lifted by 16.9% to £21.9m for the year
// Cake Box is also targeting between 18 and 24 new openings over the current financial year

The boss of Cake Box has said the retailer has emerged from the Covid-19 pandemic as a “bigger, better business” as it posted higher profits for the past year.

The vegan cake chain told investors today that pre-tax profits jumped by 11.8 per cent to £4.2 million for the year to March 31 despite the impact of the pandemic.

It was boosted by higher sales over the year as it stores remained trading for most of the year and the retailer opened 24 new franchise stores.

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Group revenues lifted by 16.9 per cent to £21.9 million for the year.

Cake Box chief executive Sukh Chamdal said the London-listed business was now in a strong position to continue its growth plans.

“We have achieved record results during a year which included a global pandemic and the temporary closure of our entire store estate,” he said.

“We have ultimately emerged a bigger, better business.

“Despite continued uncertainty in the operating environment, our unique proposition for customers and new and existing franchisees remains highly attractive and we are confident of making continued progress in the years ahead.”

The retailer said trading has been “strong” so far in the first quarter of the new financial year, with nine franchise store openings.

Cake Box told shareholders it was targeting between 18 and 24 new openings over the current financial year as it continues its nationwide expansion.

“We have a record number of holding deposits for new franchise stores wanting to start and grow their own businesses,” Chamdal said.

The retailer said it would also expand its kiosk business after a successful trial in supermarkets, with plans for six more sites.

Shares in Cake Box were 3.7 per cent higher at 335p during early trading.

with PA Wires

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The post Cake Box now “bigger & better” after pandemic as profits grow 12% appeared first on Retail Gazette.



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