Cake Box the egg free cream cake brand has had rapid expansion accelerating the company’s results in their first year as a listed business.
Pre-tax profits were up by 14% to £3.8m and overall revenue soared by 33% to £16.9m whilst like-for-like sales were higher by 65%. Online sales exploded by 58% to £4.4m.
Almost a year ago Cake Box floated on the junior market with a valuation of more than £50m, now the company is worth over £66m as the rising share price has pushed the market capitalisation.
In the year to 31 March, the company which operates a franchise model opened 27 new locations, up by 23 new stores from 2018.
Chief executive Sukh Chamdal said, “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 product lines and developing our digital marketing.”