Cake Box has revealed booming profits and revenue in its first set of interim results as a stock market listed company.
The UK-based egg-free cakes chain was listed on London’s junior market AIM in June this year and has since opened 15 new franchise stores, bringing its total store count to 101.
According to Cake Box, its 100th store, located in Bletchley near Milton Keynes, saw the highest ever first week of sales for a new store. A Cake Box spokesperson said the company’s plan is to open an additional 250 stores in the medium-term.
Cake Box reported revenue up 44% in the first half of the year to £8.28m and pre-tax profit up 34% to £1.97m.
Cake Box chief executive officer Sukh Chamdal said: “It’s very exciting to be announcing our first set of results as a public company. The Cake Box brand has continued to go from strength to strength and we have made good progress since floatation with our strategic priorities of growing our store estate, investing further in our new products and developing our digital marketing.
“Our performance during the first eight weeks of the second half has been encouraging and we have already opened four new stores. The group is well placed for further progress and the board remains confident of another successful year of growth.”
Shares went up 6.37% following the results announcement (as of 12.45pm) and were trading at 190p (compared with 127p on the company’s stock market debut in June.
Cake Box non-executive chairman Neil Sachdev said: “I am pleased to report a strong performance since our IPO on AIM in the summer. These results reflect the robust growth opportunity presented by our franchisee store roll-out strategy. I look forward to further progress in the remainder of our financial year. We celebrate 10 years of Cake Box with our staff and franchisees in 2019.”