Cake Box Holdings PLC Trading Update (7098B)
12 October 2020 - 5:00PM
UK Regulatory
TIDMCBOX
RNS Number : 7098B
Cake Box Holdings PLC
12 October 2020
12 October 2020
Cake Box Holdings plc
("Cake Box" or the "Company" or the "Group")
Half Year Trading Update
Continued trading momentum in store and online
Cake Box Holdings plc, the specialist retailer of fresh cream
cakes, today announces its half year trading update for the six
months ended 30 September 2020.
Trading momentum since reopening
As previously reported, the half year period included six weeks
during which all of the Group's stores were closed due to the UK
lockdown, impacting sales. Following the implementation of new ways
of working, and a phased reopening programme, all of the Group's
stores are now open for business.
The positive momentum in sales experienced prior to the onset of
COVID-19 continued following the reopening of the Group's estate
with revenues of GBP8.6m in the 20 weeks to 30 September 2020 (20
weeks 30 September 2019: GBP6.6m), with store Like for Like sales
up 12.1% for the same period*. The Company has continued to see an
ongoing benefit from the launch of its delivery service through
takeaway platforms including Uber Eats, Just Eat and Deliveroo,
with online sales increasing 81% compared to the same period last
year.
For the full six month period, including the six weeks of
closure, we achieved revenues of GBP8.6m (HY19: GBP8.8m).
Rollout of the Group's store estate
Six new franchise stores were added to the Group's estate during
the half year, bringing the total number of stores to 139. Recent
store openings included Chatham, Swindon and Hemel Hempstead. In
addition, after the period end, three new franchise stores are
expected to open imminently.
The Group has a very strong pipeline of new franchisees, driving
confidence that the franchise store rollout programme will return
to levels seen prior to the onset of COVID-19. Currently, the Group
has received and is holding deposits for 47 sites across the
country.
Strong balance sheet, special dividend declared
The Group had GBP5.0m of cash at period end, having repaid
government monies received for the furloughing of Group level
employees who were unable to work during the immediate impact of
COVID-19.
As previously announced on 1 September 2020, the Group declared
a special dividend of 3.2p per share, which will be paid on 23
October 2020.
Notice of results
The Group expects to report its results for the six months ended
30 September 2020 on 23 November 2020.
Sukh Chamdal, Co-founder and Chief Executive Officer, said:
"This result is testament to the dedication, agility and
entrepreneurial spirit of the Cake Box family, particularly our
franchisees and their employees.
We continue to see strong momentum across the business both in
store and online, with like-for-like sales of 12.1% since reopening
the business. We have received a record number of new store
applications, giving us confidence that the momentum in our
national rollout will return to pre-COVID levels.
Despite the wider environment, our unique proposition for
customers and potential franchisees remains highly attractive and
we are confident of further progress in the second half."
For further information, please contact:
Cake Box Holdings plc
Sukh Chamdal, CEO +44 (0) 20 8050
Pardip Dass, CFO 2026
Shore Capital
Stephane Auton
Patrick Castle +44 (0) 20 7408
Sarah Mather 4090
MHP Communications
Oliver Hughes
Simon Hockridge
Charlie Barker +44 (0) 20 3128
Pete Lambie 8570
* Like-for-like: Stores trading for at least one full financial
year prior to 30 September 2020
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END
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