Interim results for the six months ended 31 March 2018
Patisserie Holdings PLC, the leading UK branded café and casual dining group, today reports its interim results for the six months ended 31 March 2018
Financial summary
|
|
6 months ended |
6 months ended |
|
|
|
31 March 2018 |
31 March 2017 |
Change |
|
|
£m |
£m |
|
|
Revenue |
60.5 |
55.5 |
9.1% |
|
Gross profit |
47.1 |
43.3 |
8.7% |
|
EBITDA* |
13.6 |
12.2 |
11.6% |
|
Pre-tax profit |
11.1 |
9.7 |
14.2% |
|
Basic earnings per share |
8.98 pence |
7.95 pence |
13.0% |
|
Diluted earnings per share |
8.92 pence |
7.88 pence |
13.2% |
|
Interim dividend per share |
1.44 pence |
1.20 pence |
20.0% |
* EBITDA is calculated as operating profit before depreciation and amortisation.
Highlights
· Group revenue of £60.5m up by 9.1% (2017: £55.5m)
· Gross profit of £47.1m up by 8.7% (2017: £43.3m)
o Gross margin of 77.8% (2017: 78.0%)
· EBITDA of £13.6m up by 11.6% (2017: £12.2m)
o EBITDA margin of 22.5% (2017: 22.0%)
· Pre-tax profit of £11.1m up by 14.2% (2017: £9.7m)
· Operating cash flows of £11.9m (2017: £9.3m) with EBITDA cash conversion of 108% (2017: 96%)
· Strong balance sheet position with net cash of £28.8m (2017: £16.2m)
· 10 new stores opened to date all funded from operating cash flow with a strong pipeline
· Trading from 206 stores
· Diluted earnings per share of 8.92 pence up by 13.2% (2017: 7.88 pence)
· Interim dividend up 20% to 1.44 pence per share (2017: 1.20 pence per share)
Luke Johnson, Executive Chairman, said
“The group has delivered a strong set of results in a sector which has well documented challenges. Our vertically integrated and flexible business model enables us to deliver consistent profits with our affordable treats remaining popular with our very diverse customer base. We remain focused on organic growth and with a strong balance sheet continue to assess acquisition opportunities which will have a strategic and cultural fit.”