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(Sharecast News) - Cake Box said annual profit would meet market expectations after a strong second half to the year for the dessert maker.
Revenue for the 10 months to the end of March, excluding store closures related to the Covid-19 crisis, rose by about 32% with franchisee sales up 12% like-for-like, Cake Box said. Business was boosted by online sales which rose 27% in 10 months and 41% during the year.
Cake Box said: "Trading during the second half has continued to be strong across the group's store estate and online delivery channels. Accordingly, the group expects to report revenues for the year as up c.50% year on year, with adjusted profit before tax in line with market expectations."
The company opened 11 franchise stores in the second half taking the total number of stores to 185 at the end of March. Existing franchisees want to open extra stores and the group had 53 holding deposits from new applicants. Cake Box also said it was continuing to expand its kiosk trial in Asda stores.
Net cash was £5.2m at the end of March, up from £3.6m a year earlier. Cake Box shares rose 11.9% to 215.4p at 08:46 BST.