The Patisserie Valerie chain of shops announced record annual results and said it is confident of another successful year ahead.
The upmarket chain said it is well positioned for both future organic growth and acquisitions as it announced its maiden dividend after its float on AIM last year.
Parent company Patisserie Holdings reported an underlying pre-tax profit of £14.6m for the year to September 30, up 29 per cent on last year.
The group’s executive chairman Luke Johnson said: “We are pleased to announce another record year for the group where we have delivered excellent financial results.
“We strengthened our team following our IPO on AIM and have seen the benefits this year with new ideas and products enhancing our brands’ reach. We are well positioned for future organic growth and acquisitions and I am particularly pleased to be able to announce our maiden dividend.”
The group will pay an initial dividend of 1.67p per share.
The firm had a total of 166 stores, ranging from Patisserie Valerie, artisan sandwich chain Philpotts, Drucker’s Vienna Patisserie and premium brand Baker and Spice, by the end of September.
It opened 26 new stores over the past 14 months and plans to open another 20 stores in this financial year.
“Our pipeline for new stores is strong and I am confident of another successful year ahead,” said Mr Johnson.
The group has stores in Beverley, Bradford, Leeds, Sheffield and York.
Revenue rose 20 per cent to £91.9m, boosted by the acquisition of artisan sandwich chain Philpotts last year.
Analyst Nick Batram at Peel Hunt said: “Patisserie Holdings generated an impressive set of results, despite fewer store openings and a forth quarter bias, which resulted in lower top line growth than the market expected.