Hungry Cake Box customers drive growth
The firm expects profits for 2019 to be in line with current market expectations.
Cake Box has reported a rise in full-year sales as the retailer continues to enjoy stellar growth.
The firm, which debuted on London’s junior market in June, said like-for-like sales grew 6.5% in the year to March 31, with total revenue set to rise 30% to £17.1 million.
It expects profits for 2019 to be in line with current market expectations.
Chief executive Sukh Chamdal said: “Our first year as a public company has been an exciting one. We’ve achieved record revenues, opened a record number of stores and continue to see strong appetite for our unique customer offer.”
The group, which specialises in egg-free fresh cream cakes to order, said that average sales per store continued to grow as it opened 28 new branches, taking it to 114 in total.
“As we continue to grow our presence for customers across the UK, we have invested in new facilities to support expansion, including two new warehouse and distribution centres in Bradford and Coventry.
“We believe the group (is) ideally positioned to deliver profitable growth and enter our new financial year with confidence,” Mr Chamdal added.
Cake Box started as a single site in east London in 2008 and launched as a franchise a year later.
The company is now aiming to grow to 250 franchise sites in the UK.