Specialist dessert retailer Cake Box saw shares spike 1 per cent at the open today, as it announced group revenue surged 92 per cent in the first half of the year.
The cream cake specialist said group revenue jumped 92 per cent to £16.47m in the sixth months to September 30, up from £8.59m in the same period a year earlier.
Earnings before tax climbed 110 per cent to £4.14m over the six month period.
And the egg-free bakery said pre-tax profit surged 122 per cent to £3.7m – up from £1.66m last year.
Cake Box announced an interim dividend increase of 35 per cent to 2.5p per share, after earnings per share more than doubled to 7.46p per share.
The cake seller said the opening of 20 new franchise stores in the period helped drive success, as did its successful trial of seven cake kiosks in Asda stores. It intends to further roll out more kiosks in Asda stores in the second half of the year.
“Our proven franchisee model continues to deliver and we now plan to open up to 32 new franchise stores this year, helping more entrepreneurs than ever build their own businesses and serve their local communities,” said CEO Sukh Chamdal.
“Despite continued uncertainty in the wider environment, it’s clear that our unique customer proposition remains highly attractive.
“We look ahead with confidence in meeting full year expectations and making further progress in the years ahead.”