The egg free cake shop company Cake Box (LON:CBOX) posted a 14% rise in its annual profits on Monday.
Its results were driven by a strong pipeline of new store openings.
Shares in the cake retailer were up 3.45% during early trading.
Profit before tax amounted to £3.8 million for the full year ended 31 March, 14% higher than the £3.3 million figure recorded the year earlier.
During the period, 27 new franchise stores were added, with 113 franchise stores in operation as of the end of March.
Franchisee total turnover came to £30.7 million, up 18% from the £25.9 million figure previously.
Additionally, group revenue was up 33% to £16.9 million, compared to the £12.7 million figure from the year before.
Cake Box, which entered the Alternative Investments Market (AIM) last June, first began in East London back in 2008.
“This has been a landmark year for Cake Box, due to both the successful completion of our initial public offering and the significant expansion of our family of franchisees,” Neil Sachdev, Non-Executive Chairman of Cake Box, commented on the results.
“Although we have only been on AIM for a short period, we have made a huge amount of progress. New store openings have kept pace with our plans, our franchisees are enjoying good performance and we have a solid platform for growth with two new warehouse and distribution centers secured. As such, we look forward with great confidence,” the Non-Executive Chairman continued.
“The new financial year has started well and we have already opened four new franchise stores, with two more expected to open before the end of June 2019. The Group is well placed for further progress and the Board is confident of another successful year of growth,” Chief Executive Officer Sukh Chamdal also commented.
In March 2018, Cake Box became recognised as one of the 100 fastest growing UK companies by turnover in the 2018 Sunday Times Virgin 100 Fast Track league.
Shares in Cake Box Holdings plc (LON:CBOX) were up 3.45% as of 09:14 BST Monday.