Thorntons sees profits rise 60pc

 
Joseph Millis
Cost cutting at chocolate maker Thorntons helped it report a 60 per cent rise in annual pre-tax profit.

Pre-tax profits for the year to 28 June rose to £7.5m, compared with £4.7m last year.

The firm has undergone a three-year cost-cutting programme, closing 39 stores last year. It said that sales at stores which had been open for at least a year rose by 1.1 per cent, compared with a decline of 0.8 per cent in the same period last year.

The chocolatier also reported a small rise in revenue to £224.4m for the year.

Jonathan Hart, Thorntons’ chief executive, said the results indicated “continued strong recovery in our profitability”, adding they were “a testament to the strategy we put in place just over three years ago”.

Shares were down 0.95 per cent at 104p.

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