Financial Summary
|
|
12 months ended |
12 months ended |
|
|
|
30 September 2017 |
30 September 2016 |
Change |
|
|
£m |
£m |
% |
|
Revenue |
114.2 |
104.1 |
9.7% |
|
Gross profit |
89.3 |
81.3 |
9.8% |
|
EBITDA |
25.6 |
22.2 |
15.7% |
|
Statutory pre-tax profit |
20.2 |
17.2 |
17.1% |
|
Basic earnings per share |
16.36p |
13.74p |
19.1% |
|
Diluted earnings per share |
16.20p |
13.60p |
19.1% |
|
Final dividend per share |
2.40p |
2.00p |
20.0% |
Financial highlights
· Revenue up 9.7% to £114.2m (2016: £104.1m)
o Online sales up 26% to £4.8m (2016: £3.8m)
· Gross profit of £89.3m up by 9.8% (2016: £81.3m)
o Gross margin of 78.2% (2016: 78.1%)
· EBITDA of £25.6m up 15.7% (2016: £22.2m)
· Excellent growth in pre-tax profit to £20.2m up 17.1% (2016: £17.2m)
· Diluted earnings per share of 16.20 pence up 19.1% (2016: 13.60 pence per share)
· Net cash at year end of £21.5m (2016: £13.3m) with operating cash inflows of £24.4m (2016: £22.0m)
· Average store payback period of 23 months (ahead of our 24 month target)
· Final dividend of 2.40 pence per share proposed up 20.0% (2016: 2.00 pence per share)
Operational highlights
· Successfully opened 20 stores in the year including stores in 12 new geographical locations
o Expansion outside of England continues with two stores opened in Republic of Ireland, a second store opened in Northern Ireland and two new stores in Scotland
o First store opened under the Philpotts brand
o All new stores profitable from first day of trading and funded from operating cash flows
· Trading from 199 stores at end of year (2016:184)
· 20 new stores targeted for 2018 with four opened since the financial year end
· Entered into a supply only agreement with Sainsbury's during the year, trading from 18 Sainsbury's counters by the year end
· Costs tightly controlled with inflationary wage and ingredient cost pressures mitigated in the year
Luke Johnson, Executive Chairman, said
“We have delivered another year of excellent financial results, achieving our targets in a challenging environment. We opened 20 new stores many of which are performing ahead of expectations, and the performance of our new bakeries in the Republic of Ireland is encouraging. Our indulgent, affordable treats remain attractive to customers, and our flexible business model has enabled us to mitigate inflationary cost pressures. With a highly cash generative group, strong brands and a focused management team I remain confident of another year of growth and achievement.”