The icing on the cake for patisserie backers

Cakemaker Patisserie Valerie served up a sweet treat for the City when pre-tax profits jumped 45 per cent to £7m, on rising group revenues to £43.7m. The group opened 10 new stores in the six months to 31 March bringing the total to 156. Shares of the Aim-listed firm rose 8.9 per cent to 305p and the baking giant is due to pay its first dividend.