Cake Box boosted revenue by 44 per cent in its first half-year results following its £43m initial public offering (IPO), the company revealed today.
The cream cake specialist listed on Aim in June and has since opened 15 new franchise stores, bringing the total to 101, with franchisee turnover up 29 per cent to £14.1m.
Adjusted profit before tax increased by 34 per cent to £1.9m, ahead of previous expectations, due to a boost in gross margins driven by the installation of new ovens.
Shares rose four per cent in early morning trading.
Cake Box has opened four new stores in the first eight weeks of the second half and going forward the group plans to open an extra warehouse and distribution centre in the north of England, which is expected to be operational in the first half of next year.
Chief executive officer Sukh Chamdal said: "It's very exciting to be announcing our first set of results as a public company. The Cake Box brand has continued to go from strength to strength and we have made good progress since floatation with our strategic priorities of growing our store estate, investing further in our new products and developing our digital marketing.
"Our performance during the first eight weeks of the second half has been encouraging and we have already opened four new stores. The group is well placed for further progress and the Board remains confident of another successful year of growth."