Strong set of interim results announced by Patisserie Holdings
Patisserie Holdings, the operator of Patisserie Valerie and other casual dining brands, has announced a strong set of interim results with gross profit up 10.6% to £43.3m.
Revenue and EBITDA also increased by 11% to £55.5m and by 15.6% to £12.2m respectively across 192 stores, for the six months to 31 March 2017.
The company opened 10 new outlets during the period, including its first overseas venture in Ireland. A further 10 stores are expected to open this year
Patisserie Holdings said that it had limited the impact of both the National Minimum and National Living Wage while maintaining "excellent" customer experience by "more effective rostering in stores". It said that additional wage increase in April 2017 has added £500,000 to its wage bill.
Luke Johnson, executive chairman of Patisserie Holdings, said the excellent results had been achieved "despite the challenging market conditions and the current inflationary environment".
He continued: "With a strong balance sheet and an experienced management team, we remain operationally focused on the organic delivery and continue to assess acquisition opportunities. Accordingly I am confident of delivering a successful second half of the year and beyond."
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