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Patisserie Valerie owner sees a 20% rise in its half-year profits

By Staff Reporter

Published 19/05/2016

Patisserie Valerie is opening an outlet in Belfast
Patisserie Valerie is opening an outlet in Belfast

The owner of cake firm Patisserie Valerie - which is set to open its first unit in Belfast next week - has notched up a 20.6% rise in half-year pre-tax profits to £8.4m.

But Patisserie Holdings plc also flagged that it is feeling pressure from the National Living Wage.

Revenue at Patisserie Holdings, chaired by entrepreneur Luke Johnson, rose 14.4% to £50m off the back of solid growth at its cafes and wholesale bakery.

Chief executive Paul May said that the company will "feel the pressure" of the National Living Wage in the second half of the year.

It will open its first cafe and bakery on the island of Ireland in Belfast's Donegall Square on May 24.

A spokesman added that other openings are planned for Northern Ireland but there was no further detail of locations.

Paul May said the firm is working to mitigate growing costs resulting from the new National Living Wage by making efficiency savings, predominantly in the supply chain.

Patisserie Holdings, which also operates Druckers, Baker & Spice and Philpotts, opened 12 new stores in the period and now has 177 overall.

Executive chairman Luke Johnson said: "I am delighted to announce an excellent set of results for the six months to March 2016.

"The group has continued to deliver strong growth in sales and profit in what is a competitive trading environment.

"We opened 12 new stores in the period, all of which are performing well.

"Our pipeline for new stores is well developed and I look forward to another period of strong growth in the second half of the year."

The Belfast cafe will be located next to the new Northern Ireland headquarters of value bakery chain Greggs. The latter will occupy the premises of The Spinning Wheel, which is to relocate.

Belfast Telegraph

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