Picture of Cake Box Holdings logo

CBOX Cake Box Holdings News Story

0.000.00%
gb flag iconLast trade - 00:00
Consumer DefensivesAdventurousSmall CapHigh Flyer

REG - Cake Box Holdings - Half Year Results

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241112:nRSL7937La&default-theme=true

RNS Number : 7937L  Cake Box Holdings PLC  12 November 2024

12 November 2024

Cake Box Holdings plc

("Cake Box", "the Company" or "the Group")

Unaudited Half Year Results for the six months ended 30 September 2024

Increase in revenue, profit and dividend

Confident outlook, with positive trading momentum in franchise store sales,
increasing online sales, and expected to exceed store opening target for the
year

Cake Box Holdings plc, the UK's largest retailer of fresh cream celebration
cakes, today announces its half-year results for the six months ended 30
September 2024.

Financial Highlights

                                                               As restated -

                           Half year ended 30 September 2024   Half year ended 30 September 2023   Change*

 Revenue                   £18.7m                              £18.0m                              4.3%
 Gross Profit              £10.1m                              £9.0m                               11.5%
 EBITDA**                  £3.5m                               £3.1m                               11.9%
 Pre-tax profit            £2.8m                               £2.4m                               16.3%
 Net cash                  £5.6m                               £5.9m                               (5.4%)
 Cash at Bank              £6.7m                               £7.1m                               (6.2%)
 Basic earnings per share  5.18p                               4.45p                               16.4%
 Interim dividend          3.40p                               2.90p                               17.2%

*Change % is calculated on the figures included in consolidated statement of
comprehensive income and consolidated statement of financial position

 **EBITDA is calculated as operating profit before depreciation and
amortisation

 

 

·    Group revenue up 4.3% to £18.7m (H1 FY24: £18.0m), driven by:

o  Increased volumes from 20 stores opened in the prior year

o  Seven new stores opened in the six months to 30 September 2024

·    Positive trading momentum in franchise store sales, with
like-for-like* sales growth of 2.0% for the half-year, against strong
comparatives of 6.2% growth in the same period last year

·    Gross margins increased to 53.8% (H1 FY24: 50.3%) due to:

o  Continued efficiencies in production processes

o  The change to accounting for the national marketing levy income in revenue
and marketing expenses in administrative expenses which was implemented in
August 2023

·    Continued balance sheet strength with net cash of £5.6m (H1 FY24:
£5.9m), after the £0.7m purchase of land for the expansion of the Bradford
depot

·    Interim dividend up 17.2% to 3.4p per share, reflecting the Group's
continued strong cash generation and the confidence in its growth prospects

 

Operational Highlights

·    Franchise stores in operation increased to 232 as at 30 September
2024 (30 September 2023: 214)

·    Seven new franchise stores added in the period (H1 FY24: nine new
franchise stores), entering new locations such as Crewe, Greenwich and
Lichfield

·    Marketing initiatives delivering an increase in customers and
heightening brand awareness:

o  Customer loyalty programme 'Cake Club' launched

o  2.2m website visits for the half, up 40% year on year

o  Subscription database increased 40% to 517k since beginning of year

o  SMS database grew to 269k, a 48% increase from the start of the year

o  Online sales increased 16.6% year on year, with 120k new customers online

o  Online sales accounted for 22.9% (H1 FY24: 21.3%) of franchise store sales

o  Brand awareness increased by 8 percentage points to 48% year on year

·    Continued innovation for growth through new product development

o  Collaboration with Nutella to develop and launch five exclusive new
branded products

o  Launched Lemony Layers collection

o  50 new product designs including new kids' cake collection

·    Further £0.4m investment in the Cake Box Hub, the Company's
integrated IT platforms

·    Effectively managing cost pressures, particularly through established
supplier relationships

Franchise Store Highlights

·    Franchise store sales up 8.1% to £39.0m (H1 FY24: £36.1m)

·    Franchise total sales including kiosks up 7.6% to £41.5m (H1 FY24:
£38.5m)

·    Franchisee online sales increased 16.6% to £9.0m (H1 FY24: £7.7m)

·    Number of multi-site franchisees increased to 47 (H1 FY24: 46)

Current Trading and Outlook

·    Trading has continued positively since the half year end, with total
franchise sales 9.9% ahead in October 2024 and like-for-like sales up 4.0%,
compared with the same period in the prior year

·    Seven new franchise stores opened since the period end taking the
total to 14 stores to date in the current financial year (10 by the same date
in FY24); confident in opening in excess of 25 new franchise stores by the
year end

·    Online sales in October 2024 have increased 23.0% versus the prior
year, and accounted for 23.9% of franchise store sales (October 2023: 21.5%)

·    On track to deliver a full year performance in line with market
expectations

*Like-for-like: Stores trading for at least one full financial year prior to
30 September 2024

 

 

Sukh Chamdal, Chief Executive Officer, commented:

"During the first half of the year, we delivered strong growth across key
financial metrics and expanded our customer base, resulting in double digit
increases in profits and dividends. We have seen continued growth in online
sales as well as brand awareness. Importantly, we increased our customer
database by 40% and launched our customer loyalty programme in the period.

 

"Our store opening programme is gaining traction, with fourteen new franchise
stores opening in the year to date, compared to ten by the same date last
year. This has been achieved in collaboration with our external property
consultants, and this success gives us confidence in exceeding the store
opening target set for the year.

 

"We enter the second half with ongoing positive trading momentum and are on
track to deliver full year performance in line with market expectations. The
Board remains confident in the Company's long-term prospects, and we are
making strategic progress in building a larger and more profitable business
for our shareholders, franchise partners and colleagues."

 

Investor presentation

Cake Box will provide a live presentation relating to the Company's results
via the Investor Meet Company platform on Thursday, 14 November 2024 at 17.00
GMT. The presentation is open to all existing and potential shareholders and
registration can be completed via the following link:
https://www.investormeetcompany.com/cake-box-holdings-plc/register-investor
(https://www.investormeetcompany.com/cake-box-holdings-plc/register-investor)

 

For further information, please contact:

Cake Box Holdings plc
 
+44 (0) 20 4582 3500

Sukh Chamdal, CEO

Michael Botha, CFO

 

Shore Capital (Broker and
NOMAD)
+44 (0) 20 7408 4090

Stephane Auton

Patrick Castle

Rachel Goldstein

Fiona Conroy (Corporate Broking)

 

Gracechurch Group
 
+44 (0) 20 4582 3500

Harry
Chathli
cakebox@gracechurchpr.com

Alexis Gore

 

 

Operational and Financial Review

Robust first half performance

Trading momentum picked up during the first half, with challenging market
conditions being experienced across the retail sector. Group revenue growth of
4.3% and an increase in total franchise store sales of 8.1%, reflects the
continued customer demand for the Company's products. Franchise store
like-for-like sales were up 2.0% in the first half against a strong
comparative period (H1 FY24: up 6.2%) and compared to 2.6% in H2 FY24.

In June 2024, Cake Box launched a new loyalty programme, Cake Club, with the
opportunity for customers to get a free cupcake when signing up to the
programme. Since launching, 63,000 customers have signed up. Further purchases
unlock offers or discounts as the customers progress through the programme.
During the period, the Company completed the planned investment in its
marketing team, bringing graphic design and PPC ("Pay-Per-Click") in-house.
The website is delivering a consistent increase in online sales month on
month, with a 16.6% increase in franchise sales year on year and accounted for
22.9% (H1 FY24: 21.3%) of all franchise store sales.

The first half was extremely busy for new product development, which included
an exclusive collaboration with Nutella and the launch of five new products as
part of Nutella's 60(th) birthday celebrations. In addition, the Company
launched its Lemony Layers collection as well as 50 new product designs,
including a new kids' collection.

Continued strategic progress with marketing initiatives

During August 2023, Cake Box created a £2m co-funded annual national
marketing fund with the franchisees to drive brand awareness, broaden the
customer base and evolve the brand. A large proportion of the fund is
allocated to digital and social media marketing, and Cake Box made good
progress with its brand awareness further strengthening from 40% to 48% year
on year.

With customer data central to the Company's marketing strategy, Cake Box
experienced further strong growth with its marketing database growing by 40%
to 517k and SMS subscriptions increasing 48% to 269k, since the start of the
year.

H1 FY25 saw an increase of 40% in traffic to the website, driven mainly by
clicks from Google and Meta (Facebook and Instagram). The Company's conversion
rate remains industry leading and a 14% increase in conversions has resulted
in the increase in online sales year on year.

Expansion of the franchise store estate

Despite borrowing costs remaining at elevated levels, Cake Box franchisees
continue to open new stores, with a further seven stores opened during the
period. As a result, the total number of stores at 30 September 2024 rose to
232 (H1 FY24: 214). 47 of the Company's 98 franchisees are multi-store
franchisees, operating a total of 181 stores out of the total 232 stores.

Since H1 FY24 the Company has been engaging with its property consultants to
identify new attractive target locations for Cake Box franchisees to enhance
their growth.

New locations added in the period include Crewe, Greenwich and Lichfield,
where the Company identified compelling growth opportunities and anticipate
strong customer demand.

Gross margin improvement

Gross margin increased to 53.8% (H1 FY24: 50.3%), for the period.

The national marketing levy revenue is included in the total revenue within
the profit and loss; however, the national marketing expenses are included in
administration expenses. The underlying gross margin excluding the national
marketing levy revenue, was 52.4% (H1 FY24: 50.0%) for the period.

Input costs were, overall, stable throughout the half, with improvements in
fuel and utility costs benefiting both franchisees and the Group's
profitability. These cost impacts, together with efficiency improvements in
production processes, increased underlying gross margin to 52.4% and profit
before tax by 16.3%.

Cake Box reviews its pricing strategy regularly and remains mindful to limit
the increasing of prices to the franchisees and likewise to their customers,
to maintain the Company's value proposition during the continued
cost-of-living challenges.

Investment for growth opportunities

As stated in the FY24 results, Cake Box identified an opportunity to purchase
the land adjacent to its Bradford depot, in order to support new store growth
in the north of England and Scotland. During H1 FY25, Cake Box completed the
purchase of the land at a cost of £0.7m.

During the half, Cake Box also focused on enhancing its IT and e-commerce
capabilities to capitalise on its significant growth opportunities, with a
total capex spend of £0.4m.

In addition, a further £0.5m was spent on capex for the depots during the
period.

Balance Sheet and cashflow

The highly cash generative nature of the Company's business model has ensured
that the balance sheet remains strong, with cash at period end of £6.7m (H1
FY24: £7.1m), which is post paying a final dividend of £2.4m in August 2024
and the purchase of the land in Bradford. The Group's net cash position was
£5.6m (H1 FY24: £5.9m).

Dividend

The Group's progressive dividend policy reflects its cash generation, earnings
progression and confidence in the Company's outlook. In line with this, Cake
Box is declaring an interim dividend of 3.4 pence per share representing an
increase of 17.2% from last year. The interim dividend will be paid on 12
December 2024 to those shareholders on the register at the close of business
on 22 November 2024. The ex-dividend date is therefore 21 November 2024.

Board update

Adam Batty, Senior Independent Director, will step down from the Board
following the interim results. The Board would like to thank Adam for his
invaluable insights and commercial guidance that he has brought to the Board
since IPO.

Alison Green will step down from the Board at the end of the calendar year.
Alison has had a huge impact in her role as Chair of the ESG Committee, as
well as contributing to the growth within the marketing and online strategy of
the Group.

The Board has initiated a process to recruit replacements for both Adam Batty
and Alison Green.

Outlook

Cake Box continues to invest in the business, driving brand awareness and
online sales growth. Trading momentum has continued into H2 2025, with total
franchise sales 9.9% ahead in October 2024.

The Company's new store rollout programme is gaining momentum with 14 stores
opened as at the date of the interim results' announcement, compared with 10
for the same period in the prior year, and management is confident of opening
in excess of 25 stores for the full financial year.

The Company's ongoing new product development and the continued rollout of its
new brand identity will ensure a broadening appeal and awareness of the Cake
Box brand.

Whilst it is still a challenging retail environment, the Group remains on
track to deliver full year results in line with market expectations and is
confident in its long-term prospects, as strategic progress continues to be
made in building a larger and more profitable business for the Company's
shareholders, franchise partners and colleagues.

 

 

 CAKE BOX HOLDINGS PLC
 UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS
 ENDED 30 SEPTEMBER 2024
                                                                          6 months to    As restated -        6 months to         12 months to

30 September
30 September
31 March

2024
2023
2024

(unaudited)
(unaudited)
(audited)
                                                                    Note  £              £                                        £

 Revenue                                                            2     18,734,746     17,960,580                               37,844,963
 Cost of sales                                                            (8,656,803)    (8,923,454)                              (17,905,058)
 Gross profit                                                             10,077,943     9,037,126                                19,939,905

 Administrative expenses before exceptional items                         (7,267,596)    (6,578,552)                              (13,947,694)
 Impairment of receivables - writeback                                    -              -                                        187,856
 Exceptional items                                                        -              -                                        243,100
 Administrative expenses                                                  (7,267,596)    (6,578,552)                              (13,516,738)

 Operating profit                                                         2,810,347      2,458,574                                6,423,167

 Finance income                                                           105,356        44,130                                   153,145
 Finance expense                                                          (129,395)      (107,593)                                (310,885)

 Profit before income tax                                                 2,786,308      2,395,111                                6,265,427

 Income tax expense                                                       (714,510)      (615,344)                                (1,606,742)

 Profit after income tax                                                  2,071,798      1,779,767                                4,658,685

 Other comprehensive income for the period
 Items that will not subsequently be classified to profit or loss:
 - Revaluation of freehold property                                       -              -                                        223,178
 - Deferred tax on revaluation of freehold property                       -              -                                        (55,795)
 Total other comprehensive income for the period                          -              -                                        167,383

 Total comprehensive income for the period                                2,071,798      1,779,767                                4,826,068

 Earnings per share - pence
 Basic                                                              5     5.18           4.45                                     11.65
 Diluted                                                            5     5.04           4.45                                     11.44

 

 

 

 

 

 CAKE BOX HOLDINGS PLC
 UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024
                                                                                6 months to           As restated -       6 months to        12 months to

30 September
30 September
31 March

2024
2023
2024

(unaudited)
(unaudited)
(audited)
                                                          Note                  £                     £                                      £
 Assets
 Non-current assets
 Intangible assets                                                              1,074,451             480,924                                727,783
 Property, plant and equipment                                                  12,220,280            11,095,006                             11,480,193
 Right-of-use assets                                                            2,124,580             2,424,520                              2,274,550
 Other financial assets                                                         615,563               562,931                                564,535
                                                                                16,034,874            14,563,381                             15,047,061
 Current assets
 Inventories                                                                    2,681,393             2,426,905                              2,592,838
 Trade and other receivables                                                    3,506,332             2,188,484                              4,154,184
 Other financial assets                                                         760,818               364,412                                487,652
 Cash and cash equivalents                                                      6,696,417             7,135,660                              8,454,265
                                                                                13,644,960            12,115,461                             15,688,939
 Total Assets                                                                   29,679,834            26,678,842                             30,736,000
 Equity and liabilities
 Equity
 Issued share capital                                     4                     400,000               400,000                                400,000
 Capital redemption reserve                                                     40                    40                                     40
 Share option reserve                                                           172,829               -                                      95,266
 Revaluation reserve                                                            3,617,038             3,449,655                              3,617,038
 Retained earnings                                                              14,820,143            13,469,427                             15,188,345
 Equity attributable to the owners of the parent company                        19,010,050            17,319,122                             19,300,689
 Current liabilities
 Trade and other payables                                                       3,907,739             3,116,419                              4,892,228
 Lease liabilities                                                              285,724               275,224                                280,425
 Short-term borrowings                                                          180,019               96,295                                 146,544
 Current tax payable                                                            1,364,190             401,736                                948,523
 Provisions                                                                     -                     243,100                                -
                                                                                5,737,672             4,132,774                              6,267,720
 Non-current liabilities
 Lease liabilities                                                              2,005,214             2,290,940                              2,149,413
 Borrowings                                                                     888,134               1,092,082                              997,050
 Deferred tax liabilities                                                       2,038,764             1,843,924                              2,021,128
                                                                                4,932,112             5,226,946                              5,167,591

 Total Equity & Liabilities                                                     29,679,834            26,678,842                             30,736,000

 

 CAKE BOX HOLDINGS PLC
 UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED
 30 SEPTEMBER 2024
                                                           Share                                                   Capital                                         Share option reserve                                As restated - revaluation                                       As restated - retained      Total

capital
redemption
reserve
earnings

reserve
                                                           £                                                       £                                               £                                                   £                                                               £                           £
 At 1 April 2023                                                         400,000                                                       40                           -                                                              3,449,655                                           13,889,660                  17,739,355

 Total comprehensive income for the period                  -                                                       -                                               -                                                   -                                                              1,779,767                   1,779,767
 Transactions with the owners in their capacity as owners
 Dividends paid                                             -                                                       -                                               -                                                   -                                                              (2,200,000)                 (2,200,000)

 At 30 September 2023                                                    400,000                                                       40                                               -                                          3,449,655                                                13,469,427                             17,319,122

 Profit for the period                                      -                                                       -                                               -                                                                             -                                    2,878,918                   2,878,918
 Revaluation of freehold property                           -                                                       -                                               -                                                  223,178                                                          -                          223,178
 Deferred tax on revaluation of freehold property           -                                                       -                                               -                                                  (55,795)                                                         -                          (55,795)
 Total comprehensive income for the period                                          -                                                   -                                               -                              167,383                                                         2,878,918                   3,046,301
 Transactions with the owners in their capacity as owners
 Share-based payments                                       -                                                       -                                                          93,445                                  -                                                                -                          93,445
 Deferred tax on share-based payments                       -                                                       -                                                            1,821                                 -                                                                -                          1,821
 Dividends paid                                             -                                                       -                                                                   -                              -                                                               (1,160,000)                 (1,160,000)

 At 31 March 2024                                          400,000                                                 40                                              95,266                                              3,617,038                                                       15,188,345                  19,300,689

 Total comprehensive income for the period                  -                                                       -                                               -                                                   -                                                              2,071,798                   2,071,798
 Transactions with the owners in their capacity as owners
 Share-based payments                                       -                                                       -                                                          59,927                                   -                                                               -                          59,927
 Deferred tax on share-based payments                       -                                                       -                                                          17,636                                   -                                                               -                          17,636
 Dividends paid                                             -                                                       -                                               -                                                   -                                                              (2,440,000)                 (2,440,000)

 At 29 September 2024                                      400,000                                                 40                                              172,829                                             3,617,038                                                       14,820,143                  19,010,050

  CAKE BOX HOLDINGS PLC
 UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30
 SEPTEMBER 2024
                                                                                                                                                                                             6 months to                                               6 months to                                   12 months to

30 September
30 September
31 March

2024
2023
2024

(unaudited)
(unaudited)
(audited)
                                                                                                                                                                                             £                                                         £                                             £
 Cash flows from operating activities
 Profit before income tax                                                                                                                                                                    2,786,308                                                 2,395,111                                     6,265,427
 Adjusted for:
 Depreciation of property, plant, and equipment                                                                                                                                              447,691                                                   421,366                                       856,282
 Depreciation of right-of-use assets                                                                                                                                                         149,970                                                   149,970                                       299,940
 Amortisation of intangible assets                                                                                                                                                           42,361                                                    53,504                                        106,810
 (Profit)/loss on disposal of tangible fixed assets                                                                                                                                          (1,150)                                                   -                                             13,606
 Share-based payment expense                                                                                                                                                                 77,566                                                    -                                             93,445
 Finance income                                                                                                                                                                              (105,356)                                                 (44,130)                                      (153,145)
 Finance expense                                                                                                                                                                             129,395                                                   107,593                                       310,885
 (Increase)/decrease in inventories                                                                                                                                                          (88,555)                                                  363,819                                       197,886
 Decrease/(increase) in trade and other receivables                                                                                                                                          647,852                                                   495,137                                       (1,470,563)
 Increase in other financial assets                                                                                                                                                          (324,195)                                                 (172,932)                                     (297,775)
 (Decrease)/increase in trade and other payables                                                                                                                                             (984,489)                                                 (649,993)                                     1,125,815
 Decrease in provisions                                                                                                                                                                      -                                                         -                                             (243,100)
 Cash generated from operations                                                                                                                                                              2,777,398                                                 3,119,445                                     7,105,513
 Taxation paid                                                                                                                                                                               (281,208)                                                 (507,876)                                     (829,251)
 Net cash inflow from operating activities                                                                                                                                                   2,496,190                                                 2,611,569                                     6,276,262
 Cash flows from investing activities
 Proceeds from sale of property, plant and equipment                                                                                                                                         1,150                                                     -                                             51,620
 Purchase of property, plant and equipment                                                                                                                                                   (501,413)                                                 (383,825)                                     (892,226)
 Purchase of assets under construction                                                                                                                                                       (686,365)                                                 -                                             -
 Additions to intangible assets                                                                                                                                                              (389,029)                                                 -                                             (453,920)
 Finance income                                                                                                                                                                              105,356                                                   44,130                                        153,145
 Net cash outflow from investing activities                                                                                                                                                  (1,470,301)                                               (339,695)                                     (1,141,381)
 Cash flows from financing activities
 Repayment of finance leases                                                                                                                                                                 (138,900)                                                 (133,792)                                     (270,118)
 Repayment of borrowings                                                                                                                                                                     (75,442)                                                  (48,412)                                      (93,196)
 Dividends paid                                                                                                                                                                              (2,440,000)                                               (2,200,000)                                   (3,360,000)
 Finance expense                                                                                                                                                                             (129,395)                                                 (107,593)                                     (310,885)
 Net cash outflow from financing activities                                                                                                                                                  (2,783,737)                                               (2,489,797)                                   (4,034,199)

 Net (decrease)/increase in cash and cash equivalents                                                                                                                                        (1,757,848)                                               (217,923)                                     1,100,682
 Cash and cash equivalents brought forward                                                                                                                                                   8,454,265                                                 7,353,583                                     7,353,583
 Cash and cash equivalents carried forward                                                                                                                                                   6,696,417                                                 7,135,660                                     8,454,265

 

CAKE BOX HOLDINGS PLC

NOTES TO THE INTERIM ACCOUNTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

 

1.Notes to the Interim Report

Basis of preparation

The consolidated half-yearly financial statements do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006. The
statutory accounts for the year ended 31 March 2024 have been filed with the
Registrar of Companies at Companies House. The auditor's report on the
statutory accounts for the year ended 31 March 2024 was unqualified, did not
include any matters to which the auditor drew attention by way of emphasis and
did not contain any statements under Section 498 (2) or (3) of the Companies
Act 2006.

The published financial statements for the year ended 31 March 2024 were
prepared in accordance with UK adopted International Financial Reporting
Standards ("UK adopted IFRS").

The consolidated annual financial statements of Cake Box Holdings Plc for the
year ended 31 March 2025 will also be prepared in accordance with UK adopted
IFRS. Accordingly, these interim financial statements have been prepared using
accounting policies consistent with those which will be adopted by the Group
in the financial statements for the year ended 31 March 2025, but do not
contain all the information necessary for full compliance with UK adopted
IFRS.

The consolidated interim financial statements for the six months to 30
September 2024 have not been audited.

Going concern

The consolidated interim financial statements have been prepared under the
going concern assumption and historical cost convention as modified by fair
value for property, plant and equipment.

This is considered appropriate, given the financial resources of the Group
including the current position of £6.7m of cash and cash equivalents,
together with long term contracts with its franchisees and long-standing
relationships with its key suppliers.

The Directors of the Group have performed an assessment of the overall
position and future forecasts (including the 12-month period from the date of
this report) for the purpose of going concern. The overall Group has seen a
pleasing performance in the first half of the financial year.

Basis of consolidation

The Group consolidated interim financial statements consolidates the company
and its subsidiaries. All intra-group transactions, balances, income and
expenses are eliminated on consolidation.

 

 

CAKE BOX HOLDINGS PLC

NOTES TO THE INTERIM ACCOUNTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

 

Changes to comparative period financial information

The following changes have been made to the comparative period presented
within these financial statements:

·    National Marketing Levy expenses were reclassified from 'Cost of
sales' to 'Administrative expenses before exceptional items. This resulted in
a reduction of 'Cost of sales' of £124,520 and an increase in 'Administrative
expenses before exceptional items' of £124,520. There is no impact on the net
profit before income tax, net cash flows or basic and diluted earnings per
share for the period.

·    Tax rate changes on revaluation of property, plant and equipment have
been recognised separately under 'Other comprehensive income for the year', as
required by IAS 12 'Income Taxes'. This has resulted in a restatement of the
Consolidated Statement of Comprehensive Income. The Consolidated Statement of
Changes in Equity was also restated to reclassify £337,088 from retained
earnings to the revaluation reserve. There is no impact on net cash flows or
basic and diluted earnings per share for the period.

 

The above changes were reported in the Company's 2024 Annual Report and
Accounts.

 

2.Segment reporting

Components reported to the chief operating decision maker, the board of
directors, are not separately identifiable. The Group makes varied sales to
its customers, but none are a separately identifiable component. The following
information is disclosed:

                          6 months to    6 months to    12 months to

30 September
30 September
31 March

2024
2023
2024

(unaudited)
(unaudited)
(audited)
                          £              £              £
 Sales of sponge          7,495,650      7,385,751            14,983,166
 Sales of other food      3,357,468      3,151,169              6,700,487
 Sales of fresh cream     2,049,968      2,083,960              4,082,584
 Sales of other goods     3,790,335      3,700,104              7,824,308
 Online sales commission  585,760        546,021                1,100,711
 Franchise packages       912,713        969,055                2,484,043
 National marketing Levy  542,852        124,520                    669,664
                          18,734,746     17,960,580     37,844,963

 

 

 

 

 

CAKE BOX HOLDINGS PLC

NOTES TO THE INTERIM ACCOUNTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

3.Dividends

                 6 months to    6 months to    12 months to

30 September
30 September
31 March

2024
2023
2024

(unaudited)
(unaudited)
(audited)
                 £              £              £

 Dividends paid  2,440,000      2,200,000      3,360,000

 

4.Share Capital

                                       6 months to                                       6 months to                                               12 months to

30 September
30 September
31 March

2024
2023
2024

(unaudited)
(unaudited)
(audited)
                                       £                                                 £                                                         £

 40,000,000 Ordinary Shares of £0.01                        400,000                                               400,000                                          400,000

 

5.Earnings per share

The basic earnings per share is calculated by dividing the earnings
attributable to equity shareholders by the weighted average number of shares
in issue. In calculating the diluted earnings per share, share options
outstanding have been taken into account where the impact of these is
dilutive.

                             6 months to                                                  6 months to                                                          12 months to

30 September
30 September
31 March

2024
2023
2024

(unaudited)
(unaudited)
(audited)
                             Pence                                                        Pence                                                                Pence

 Basic earnings per share                                5.18                                                             4.45                                                      11.65
 Diluted earnings per share                              5.04                                                             4.45                                                      11.44

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IR FFFVILELLLIS

Recent news on Cake Box Holdings

See all news