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Cake Box lifts interim dividend; profit falls 4% in H1
StockMarketWire.com
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Fresh cream cakes retailer Cake Box today lifted its interim dividend as first-half profit fell modestly amid higher margin and revenue.
For the six months ended 30 September 2020, pre-tax profit fell 4% to £1.66 year-on-year, while revenue rose 30% to £8.6m.
Online sales had increased 51% following the launch of new home delivery proposition during the period via Uber Eats, Just Eat and Deliveroo, the company said.
Gross margin improved to 48.4% from 45.0%.
The interim dividend was raised 15% to 1.85p, reflecting strong cash generation with cash from operations of £2.0m, up from £1.85m.
The company said 139 franchise stores in operation as at 30 September 2020, up from 122. 'We expect to open around 20 new franchise stores during the current financial year,' the company said.
'Trading during the first six weeks of the second half has been encouraging, with five new franchise stores opened across various UK locations in Staines, Barnsley, Tolworth, Cricklewood and Corby,' the company said.
'Despite the impact of the lockdown on high street footfall, the group has maintained positive sales growth in November, with like-for-like sales increasing +2.0% in the first two weeks of the month,' it added.
At 9:45am: (LON:CBOX) Cake Box Holdings Plc Ord Gbp0.01 share price was 0p at 192.5p
Story provided by StockMarketWire.com
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