London-listed cake retailer Cake Box has announced that it remains on track to meet full-year market expectations, as its pretax profit increased in the half-year due to robust demand and business momentum.
In the period ending September 30, the company’s pretax profit rose to £2.4 million ($2.9 million), up from £2.0 million in the same period the previous year. This growth was driven by improved business momentum and sales from franchise stores.
Cake Box also reported a 6.8% increase in revenue to £18.0 million. This growth was supported by higher volumes from 20 stores opened in the prior year, as well as the addition of 9 new stores in the first half of this year.
Looking ahead, Cake Box is confident about delivering a strong performance for the full year, in line with market expectations, thanks to robust consumer demand.
Analysts’ forecasts compiled by FactSet predict that the company will achieve a pretax profit of £5.8 million and revenue of £38.3 million in fiscal 2024.
To reward shareholders, Cake Box has declared an interim dividend of 2.9 pence per share, representing an 11% increase compared to the previous year.
