Good morning, it's Paul here with the SCVR for Monday.

It's very quiet for small cap trading updates and results again today.

Agenda -

Cake Box Holdings (LON:CBOX) - Trading update

Science (LON:SAG) - Trading update

Panoply Holdings (LON:TPX) - Trading update & significant contract wins

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Cake Box Holdings (LON:CBOX)

Share price: 174p (up 5.5%, at 08:17)
No. shares: 40.0m
Market cap: £69.6m

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.

I recall that this franchised cake shop retailer put out an impressive update after re-opening, which I reported about here on 1 Sept 2020. Re-reading my notes, it does look good. In particular a previously cancelled dividend of 3.2p was reinstated, as a special divi. LFL sales were up 14.1%, and online was up 74% - remarkably good, considering footfall is well down for retailers. This previous update covered the 5 months to end Aug 2020.

Update today - adds September to the reporting period, now 6 months for the half year to 30 Sept 2020. For the 6 month period, revenue was slightly down, at £8.6m (H1 LY: £8.8m). However, this includes 6 weeks of store closures at the start of the period, so the more meaningful comparison is LFL sales for the period after lockdown, being the 20 weeks to 30 Sept 2020;

Stores: LFL sales up 12.1% (very good, but down from 14.1% reported previously, so Sept has seen a slowing of the growth rate)

Online: up 81%, meaning that growth has accelerated further from the +74% figure previously reported. I would have liked to see the split of total sales between stores and online, because it's difficult to judge how important the online growth is, e.g. if it's coming from a low base.

Store rollout - given the chaotic circumstances of the last 6 months, I'm really impressed that CBOX has continued to roll out more store franchises. To open a cake shop right now, shows a lot of commitment from the franchisees, so they must find the offering compelling, which makes me sit up and take note.

Six new franchise stores were added to the…

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