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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cake Box Holdings Plc | LSE:CBOX | London | Ordinary Share | GB00BDZWB751 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.50 | -0.90% | 166.00 | 165.00 | 170.00 | 167.50 | 167.50 | 167.50 | 26,347 | 16:35:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Bread, Bakery Pds, Ex Cookie | 34.8M | 4.24M | 0.1059 | 15.82 | 67M |
From Apr 2019 to Apr 2024
TIDMCBOX
RNS Number : 4436U
Cake Box Holdings PLC
25 November 2019
Cake Box Holdings plc
("Cake Box", "the Company" or "the Group")
Unaudited Half Year Results for the six months ended 30 September 2019
Continued financial, operational and strategic progress
Cake Box Holdings plc, the specialist retailer of fresh cream cakes, today announces its half year results for the six months ended 30 September 2019 (H1 FY20).
Financial Highlights
Hot Features
Premium
Half year Half year Change
ended ended
30 September 30 September
2019 2018
------------- -------
Revenue GBP8.77m GBP8.28m +6%
------------- -------------- -------
Gross profit GBP3.95m GBP3.67m +8%
------------- -------------- -------
EBITDA* GBP1.97m GBP2.18m -9%
------------- -------------- -------
Pre-tax profit GBP1.74m GBP1.37m +27%
------------- -------------- -------
Adjusted pre-tax profit GBP1.74m GBP1.97m** -12%
------------- -------------- -------
Net cash GBP1.50m GBP0.80m +85%
------------- -------------- -------
Earnings per share 3.67p 2.85p +30%
------------- -------------- -------
Adjusted earnings per
share 3.67p 4.35p** -16%
------------- -------------- -------
Interim dividend declared 1.60p 1.20p +33%
------------- -------------- -------
* EBITDA is calculated as operating profit before depreciation
**H1 FY19 figure is calculated after adjusting for AIM listing costs of GBP599k but has not been adjusted to reflect that it only includes c.3 months of additional PLC costs post admission to AIM on 27 June 2018.
-- Group revenue up 6.0% to GBP8.8m (H1 FY19: GBP8.3m) -- Gross margin improved to 45.0% (H1 FY19: 44.3%)
-- EBITDA down 9.0% to GBP1.97m (H1 FY19: GBP1.97m) reflecting additional plc costs for only 3 months in prior year period, reversal of anticipated H1/H2 weighting of store openings compared to prior year and further investment in the business
-- Interim dividend up 33% to 1.60p (H1FY19: 1.20p) reflecting strong cash generation with cash from operations of GBP1.85 million (H1 FY19: GBP1.01 million)
-- Strong balance sheet at period end with GBP1.50 million net cash (30 September 2018: GBP0.80 million)
Operational highlights
-- 122 franchise stores in operation as at 30 September 2019
-- Nine new franchise stores added in the period (H1 FY19: 15 new franchise stores) and on track for full year franchise store openings target, which will be H2 weighted
-- Successful launch of new product ranges including red velvet cakes -- New Bradford warehouse and distribution facility in operation
Our Franchisee Store highlights
-- Like-for-like sales growth of 6.9% in franchise stores (H1 FY19: 4.4%) -- Franchisee total turnover up by 26% to GBP17.8 million (H1 FY19: GBP14.1 million) -- Franchisee online sales up 32% to GBP2.64 million (H1 FY19: GBP1.99 million)
Sukh Chamdal, Chief Executive Officer, commented:
"During the period our focus has been on the consolidation of our strategy as we continue to grow the business through rolling out new stores, improving our customer offer and expanding our customer base, which is attracted to our unique, egg-free proposition. Our continued momentum has again led to a good financial performance during the half.
"We have added nine stores to our portfolio during the half year, have a good pipeline for the remainder of the second half and are on track to achieve our store openings target for the year.
"Trading during the first eight weeks of the second half has been encouraging and we have already opened five new stores, including our first in Wales.
"With initiatives continuing apace to enhance our product offer, and with strengthened operational capabilities through our new warehouse and distribution facilities, we remain on track for another year of growth."
For further information, please contact:
Cake Box Holdings plc
Sukh Chamdal, CEO
Pardip Dass, CFO +44 (0) 20 8443 1113
Shore Capital (Broker and NOMAD)
Stephane Auton
Patrick Castle
James Thomas +44 (0) 20 7408 4090
MHP Communications (Financial PR)
Oliver Hughes
Simon Hockridge
Charlie Barker
Pete Lambie +44 (0) 20 3128 8570
Operational Review
Results overview
This has been another positive six months for the Group and we've seen continued momentum in our second year as a listed business as we continue to drive organic growth through our existing franchise store estate, whilst opening more new stores in areas where Cake Box does not currently have a presence.
As a result, we've delivered another good financial performance with revenue growing by 6% and an increase in our gross margin to 45.0% (H1 FY19: 44.3%). As we anticipated, adjusted pre-tax profits reduced during the period compared to H1 FY19. This reflects that H1 FY19 only included three months of additional plc costs (compared to six in this period) and also the H1 weighting of new franchise store openings in FY19 with 15 opening in H1 FY19 compared to nine in the first half of this financial year. As described below, we expect this year to be H2 weighted for new franchise store openings and we are on track to reach our store opening target for the year.
In addition, we have continued to invest in the future growth of the business during the half. This has included adding headcount to our marketing and finance functions and making good progress towards the opening of our new warehouse and distribution centres, which will deliver efficiencies when they become operational. Our results continue to demonstrate the growing appeal of the Cake Box brand and unique customer offer, combined with the financial strength of the Group and the strong cash generative nature of our business model.
Encouragingly, our franchisees achieved like-for-like sales of +6.9% despite the challenging retail conditions, with total franchisee sales rising to GBP15.1m for the half year, an increase of 7%. Within this, we also saw franchisee online sales growth of +32% as customers increasingly enjoy the convenience of our click-and-collect offer.
Store openings
Nine new franchise stores were opened during the period, bringing the total number of stores to 122 30 September 2019. Recent store openings included Dartford, Slough Centre and our third store in Derby. Our new franchise stores continue to deliver strong returns for our franchisees. Post the period end, Cardiff opened its doors to customers in October 2019 and is our first store to be opened in Wales. We are also trialing a 'pop-up kiosk' concept in shopping centres, and initial results are encouraging.
This performance further demonstrates our successful business model through which new stores typically reach a break-even or profitability within the first day of trade. We have a strong pipeline of new franchise stores for the second half of the year and are on track to open more stores in the second half compared to the first half, to reach our target of new store openings for the year.
Online
During the year we saw continuing strong growth in franchisee online sales which were up 32% to GBP2.85 million (H1 FY19: GBP1.99 million). Online sales are processed centrally through the Group's website with orders fulfilled through our franchise estate. Franchise revenue from online sales is included in franchisee turnover totaling GBP15.1 million (H1 FY19: GBP14.1 million).
Products
We have successfully introduced a number of new products to our range during the period. This included the launch of red velvet cakes which have been particularly well-received by customers across our store network. These are individually and expertly decorated by our in-store designers. New products create a real buzz with both new and existing customers, who are excited by our evolving range. We are currently trialing a varied offering of premium cupcakes at a number of stores and if successful they will be rolled out to the rest of the franchise network.
New Warehouse and Distribution Centres
As announced in our final results in June we have completed the purchase of two additional warehouse and distribution centres, located in Bradford and Coventry. Bradford is now operational, and Coventry should be operational by the end of this financial year. As well as acting as a distribution centre, we have installed some sponge production capability at the new sites which will enable us to reduce our existing distribution costs and provide a back up to our production facility in Enfield.
Balance Sheet and Cashflow
We have a strong balance sheet with GBP3.22 million of cash as at 30 September 2019 (30 September 2018: GBP2.40 million). Net cash as at 30 September 2019 was GBP1.5m (H1 FY19: GBP0.8m).
Operating cash flow for the period increased to GBP1.85 million from GBP1.01 million in the same period in 2018 further highlighting the cash generative nature of our business.
Dividend
In line with our progressive dividend policy to reflect the cash generation and earnings of the Group, today we are declaring an interim dividend of 1.6 pence per share representing an increase of 33% from last year. The Company intends that the total dividend for the year (and future years) will be split by one third for the first six months of the year to two thirds for the year end respectively. The interim dividend will be paid on 20(th) December 2019 to those shareholders on the register at the close of business on 6(th) December 2019. The ex-dividend date is therefore 5(th) December 2019.
Outlook
Trading during the first eight weeks of the second half has been encouraging and we have already opened five new franchise stores, including our first in Wales, and remain on track for our full year franchise store openings target.
The Group is well placed for further progress and the Board remains confident of another successful year of growth.
CAKE BOX HOLDINGS PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2019
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2019 2018 2019
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
Revenue 3 8,767,072 8,283,338 16,908,999
Cost of sales (4,816,299) (4,616,474) (9,189,297)
-------------- -------------- ------------
Gross profit 3,950,773 3,666,864 7,719,702
Administrative expenses (2,184,828) (1,680,671) (3,742,684)
Fair value movements - - 444,148
Other operating income - - 27,719
-------------- -------------- ------------
Operating profit 1,765,945 1,986,193 4,448,885
Exceptional items 5 - (598,645) (598,645)
Net finance costs (25,434) (18,919) (41,534)
-------------- -------------- ------------
Profit before income tax 1,740,511 1,368,629 3,808,706
Income tax expense (272,259) (228,613) (806,290)
-------------- -------------- ------------
PROFIT AFTER INCOME TAX 1,468,252 1,140,016 3,002,416
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD
Other comprehensive income - - -
-------------- -------------- ------------
TOTAL COMPREHENSIVE PROFIT
FOR THE PERIOD 1,468,252 1,140,016 3,002,416
============== ============== ============
EARNINGS PER SHARE
Basic 6 3.67p 2.85p 7.51p
Diluted 6 3.67p 2.85p 7.51p
CAKE BOX HOLDINGS PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019
30 September 30 September 31 March
2019 2018
(Unaudited) (Unaudited) 2019
(audited)
Note GBP GBP GBP
ASSETS
Non-current assets
Investment property - 342,629 -
Property, plant and equipment 5,558,155 3,620,035 5,047,791
Trade and other receivables 18,226 130,112 52,861
------------- ------------- -----------
5,576,381 4,092,776 5,100,652
------------- ------------- -----------
Current assets
Inventories 1,153,213 800,866 909,716
Trade and other receivables 1,569,812 1,649,810 1,532,487
Cash and cash equivalents 3,223,701 2,401,318 3,082,044
Non-current assets held for
sale - - 649,998
5,946,726 4,851,994 6,174,245
------------- ------------- -----------
TOTAL ASSETS 11,523,107 8,944,770 11,274,897
============= ============= ===========
EQUITY AND LIABILITIES
Share capital and reserves
Issued share capital 6 400,000 400,000 400,000
Capital redemption reserve 40 40 40
Revaluation reserve 455,422 455,422 455,422
Share option reserve 64,958 - -
Retained earnings 6,276,164 4,385,512 5,767,912
------------- ------------- -----------
TOTAL EQUITY 7,196,584 5,240,974 6,623,374
------------- ------------- -----------
Current liabilities
Trade and other payables 1,979,040 1,646,620 1,531,887
Short-term borrowings 167,754 176,544 212,183
Current tax payable 552,794 339,591 747,473
------------- ------------- -----------
2,699,588 2,162,755 2,491,543
Non-current liabilities
Borrowings 1,505,982 1,399,728 1,937,577
Deferred tax liabilities 120,953 141,313 222,403
------------- ------------- -----------
1,626,935 1,541,041 2,159,980
TOTAL LIABILITES 4,326,523 3,703,796 4,651,523
------------- ------------- -----------
TOTAL EQUITY & LIABILITIES 11,523,107 8,944,770 11,274,897
============= ============= ===========
CAKE BOX HOLDINGS PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 SEPTEMBER 2019
Share Capital Share Revaluation Retained Total
capital redemption option reserve earnings
reserve reserves GBP
GBP GBP GBP GBP GBP
Balance at 1 April 2018 160 40 - 455,422 4,205,336 4,660,958
Total comprehensive income - - - - 1,140,016 1,140,016
Share bonus issue 399,840 - - - (399,840) -
Dividends paid - - - - (560,000) (560,000)
-------- ----------- ---------- ----------- --------- ---------
Balance at 30 September
2018 400,000 40 - 455,422 4,385,512 5,240,974
-------- ----------- ---------- ----------- --------- ---------
Total comprehensive income - - - - 1,862,400 1,862,400
Dividends paid - - - - (480,000) (480,000)
-------- ----------- ---------- ----------- --------- ---------
Balance at 31 March 2019 400,000 40 - 455,422 5,767,912 6,623,374
-------- ----------- ---------- ----------- --------- ---------
Total comprehensive income - - - - 1,468,252 1,468,252
Share based payments - - 53,732 - - 53,732
Deferred tax on share
based payments - - 11,226 - - 11,226
Dividends paid - - - - (960,000) (960,000)
-------- ----------- ---------- ----------- --------- ---------
Balance at 30 September
2019 400,000 40 64,958 455,422 6,276,164 7,196,584
======== =========== ========== =========== ========= =========
CAKE BOX HOLDINGS PLC
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHSED 30 SEPTEMBER 2019
6 months to 6 months to 12 months
to
30 September 30 September 31 March
2019 2018 2019
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash from operating activities:
Profit before income tax 1,740,511 1,368,629 3,808,706
Adjusted for:
Depreciation 201,037 198,381 430,676
Loss/(Profit) on disposal of
tangible fixed assets 188,003 - (3,222)
(Increase) in inventories (243,497) (91,654) (200,504)
(Increase) in trade and other
receivables (2,690) (220,134) (25,254)
Increase in trade and other
payables 447,154 153,579 38,541
Net fair value gain - - (444,148)
Finance income (7,491) (2,542) (6,981)
------------------------- ------------------------- ----------------------
Cash generated by operations 2,323,027 1,406,259 3,597,814
Finance costs 32,925 21,461 48,515
Grant of share options 53,732
Taxation paid (557,162) (408,545) (497,250)
Net cash inflow
from operating
activities 1,852,522 1,019,175 3,149,079
------------------------- ------------------------- ----------------------
Cash flows from investing activities
Sale of investment properties - - 140,000
Sale of property, plant and 23,962 - -
equipment
Sale of assets held for sale 649,998 - -
Purchase of property, plant
and equipment (923,367) (477,896) (567,154)
Purchases of assets under construction - - (1,570,793)
Interest received 7,491 2,542 6,981
Net cash flows
used in
investing
activities (241,916) (475,354) (1,990,966)
------------------------- ------------------------- ----------------------
Cash flows from financing activities:
New borrowings - - 870,000
Repayment of borrowings (476,024) (52,606) (329,983)
Repayment of finance leases - (14,093) (33,228)
Dividends paid (960,000) (560,000) (1,040,000)
Interest paid (32,925) (21,461) (48,515)
------------------------- ------------------------- ----------------------
Net cash flows used in financing
activities (1,468,949) (648,160) (581,726)
Net increase/(decrease) in cash
and cash equivalents 141,657 (104,339) 576,387
Cash and cash equivalents brought
forward 3,082,044 2,505,657 2,505,657
------------------------- ------------------------- ----------------------
Cash and cash equivalents carried
forward 3,223,701 2,401,318 3,082,044
========================= ========================= ======================
For the purposes of the cash flow statement, cash and cash equivalents comprise the following:
Cash at bank and in hand 3,223,701 2,401,318 3,082,044
========== ========== ==========
CAKE BOX HOLDINGS PLC
NOTES TO THE INTERIM ACCOUNTS
FOR THE SIX MONTHSED 30 SEPTEMBER 2019
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 2019 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 2019 was unqualified 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 2019 were prepared in accordance with International Financial Reporting Standards as adopted for use in the EU ("IFRS").
The consolidated annual financial statements of Cake Box Holdings Plc for the year ended 31 March 2020 will be prepared in accordance with 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 2020 but do not contain all the information necessary for full compliance with IFRS.
None of the standards, interpretations and amendments effective for the first time from 1 January 2019, including IFRS 16, have had a material effect on the historical financial information.
The consolidated half-yearly financial statements for the six months to 30 September 2019 have not been audited or reviewed by auditors, pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
The consolidated half-yearly financial statements have been prepared under the going concern assumption and historical cost convention as modified by fair value for investment property and property, plant and equipment.
Basis of consolidation
The Group consolidated half-yearly financial statements consolidates the company and its subsidiaries. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
2. Changes in accounting policies and disclosures
IFRS 16 'Leases'
The Group has applied this accounting standard from 1 April 2019 and has adopted the modified retrospective approach to its adoption which would result in any adjustments for contracts in progress at 1 April 2019 being made to opening retained earnings at that date.
The Group acts as a lessee and lessor but will not be required to recognise operating leases on the balance sheet when the new standard is implemented. The leases are expected to fall under the short term lease exemption criteria.
3. 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 6 months to 12 months to
to
30 September 30 September 31 March
2019
(unaudited) 2018 2019
(unaudited) (audited)
GBP GBP GBP
Sale of goods 7,823,424 6,687,900 14,121,607
Sale of services 934,848 1,535,038 2,787,392
Rental of properties 8,800 60,400 27,719
-------------- -------------- -------------
8,767,072 8,283,338 16,936,718
-------------- -------------- -------------
4. Dividends
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2019 2018 2019
(unaudited) (unaudited) (audited)
GBP GBP GBP
Dividends paid 960,000 560,000 1,040,000
=============== =============== ====================
Interims dividends of 1.6p (H1 FY19 1.2p per share) were declared.
5. Exceptional items
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2019 2018 2019
(unaudited) (unaudited) (audited)
GBP GBP GBP
AIM listing costs - 598,645 598,645
=============== ============== ===================
6. Share Capital
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2019 2018 2019
(unaudited) (unaudited) (audited)
GBP GBP GBP
40,000,000 Ordinary shares
of GBP0.01 each 400,000 400,000 400,000
============== ============== ==========
On 4 June 2018 a bonus issue was made in the proportion of 2,500 shares for every 1 existing Ordinary share held. Immediately after the bonus issue the 100 billion GBP0.000004 Ordinary shares in issue were consolidated into 40,000,000 ordinary shares of GBP0.01 each. No amendment to the rights and restrictions as set out in the Company's articles of association were made.
On the 24 July 2019, the Group granted share options under two schemes for 688,036 shares with an exercise price of either GBP1.65 or GBP0.01 per share. The options' vesting conditions are based on financial performance over three years. The Black-Scholes model was used to determine the value of these options at the reporting date.
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 6 months 12 months to
to to 31 March
30 September 30 September 2019
2019 2018
(unaudited) (unaudited) (audited)
GBP GBP GBP
Basic earnings per share 3.67p 2.85p 7.51p
Diluted earnings per share 3.67p 2.85p 7.51p
-------------- -------------- -------------
Excluding exceptional AIM listing costs
Basic earnings per share 3.67p 4.35p 7.90p
Diluted earnings per share 3.67p 4.35p 7.90p
------ ------ ------
7. Share Options
The directors confirm that the Company granted share options under two schemes during the period as previously announced; the Company's Enterprise Management Incentive Scheme ("EMI scheme") and the (Unapproved) Employee Share Option Scheme (the "Share Option Scheme").
Under the Share Option Scheme, a total of 423,485 options were granted to Sukh Chamdal, Chief Executive Officer, Pardip Dass, Chief Financial Officer and Dr Jaswir Singh, Chief Operating Officer, as set out below:-
Director Options granted
under the
Share Option
Scheme
Sukh Chamdal 266,667
----------------
Pardip Dass 23,485
----------------
Dr Jaswir Singh 133,333
----------------
Under the EMI Scheme, a total of 151,515 options were granted to Pardip Dass and a further 113,400 options in aggregate were granted to other employees
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 or visit www.rns.com.
END
IR LLFLFLELSFIA
(END) Dow Jones Newswires
November 25, 2019 02:00 ET (07:00 GMT)
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