Cocoa floats well: Hotel Chocolat reports rising revenue and profits after IPO
Hotel Chocolat has reported growing revenue and profits in its preliminary results after listing on the London Stock Exchange this year.
Revenue for the period to 26 June came in at £91.1m, up 12 per cent from £81.1m in 2015.
Pre-tax profit, meanwhile, was up from £2.9m to £8.2m, and earnings before interest, taxation, depreciation and amortisation (Ebitda) were £12.3m, up 57 per cent.
Read more: Hotel Chocolat shares up after reporting "better than socks" performance
During the period, Hotel Chocolat opened seven new stores, taking its total to 83.
Why it’s interesting
Hotel Chocolat entered the Alternative Investment Market (Aim), the London Stock Exchange’s junior market, in May, at a time when other firms appeared to be holding back ahead of the EU referendum.
It appears to have paid off. The company priced its shares at 148p and they closed on Tuesday at 229p.
What the company said
Read more: Hotel Chocolat's on a sugar high as it begins first day of trading
Co-founder and chief executive Angus Thirlwell:
I am very pleased with our performance since we were admitted to trading on Aim in May this year. Our results are strong, the Hotel Chocolat brand has continued to strengthen and we have made good progress with our three strategic priorities of investing further in our British chocolate manufacturing operations, growing our store estate and developing our digital offering.
Our plans for the peak winter season are well set and I am confident that our Christmas ranges will be our best ever, as customers continue to appreciate our ‘more cocoa, less sugar’ approach throughout all our categories. I look forward to further progress in the year ahead.