Bakery chain Cake Box has recorded a 41% rise in its gross profits to £7.7m for the year 31 March 2019; revenue also rose by a third to £17m.
Pre-tax profits also rose by 14% to £3.8m, with profit for the period rising by just under 10% to £3m.
The company added 23 new franchises to its portfolio last year, with a further four added this year, taking the overall amount of stores to 113. The bakery also plans to open a further two stores, as part of its expansion.
Sukh Chamdal, CEO Cake Box, said: “In the year Cake Box celebrated its 10th birthday, I’m delighted to be announcing such a strong set of maiden full year results as a listed business. In just a decade, we have developed a unique proposition and a much loved national brand which has significant potential for significant further expansion, as we look to introduce more customers to our fabulous fresh cream cake offering.
“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. In the past financial year, we have made good progress with our strategic priorities of new store growth, growing our existing stores, introducing new products lines and developing our digital marketing. We are pleased that our geographical spread has increased but there remain plenty of regions where we are confident there is still significant scope for expansion.