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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 170.00 | 165.00 | 170.00 | 170.00 | 167.50 | 170.00 | 56,592 | 16:35:08 |
| 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 : 0957G
Cake Box Holdings PLC
23 November 2020
Cake Box Holdings plc
("Cake Box", "the Company" or "the Group")
Unaudited Half Year Results for the six months ended 30 September 2020
Sustained recovery in trading in stores and online, with strong cash and dividend growth
Cake Box Holdings plc, the specialist retailer of fresh cream cakes, today announces its half year results for the six months ended 30 September 2020.
Financial Highlights
Hot Features
Premium
Half year Half year Change
ended ended
30 September 30 September
2020 2019
------------- -------
Revenue GBP8.59m GBP8.77m -2%
------------- ------------- -------
Gross profit GBP4.16m GBP3.95m +5%
------------- ------------- -------
EBITDA* GBP1.98m GBP1.97m +0.5%
------------- ------------- -------
Pre-tax profit GBP1.66m GBP1.74m -4%
------------- ------------- -------
Net cash GBP3.80m GBP1.50m +154%
------------- ------------- -------
Cash at Bank GBP5.34m GBP3.22m +66%
------------- ------------- -------
Earnings per share 3.45p 3.67p -6%
------------- ------------- -------
Interim dividend declared 1.85p 1.60p +15%
------------- ------------- -------
* EBITDA is calculated as operating profit before depreciation
-- The half year includes six weeks during which all stores were closed
-- Group revenue up 30% to GBP8.6m in the 20 weeks to 30 September 2020 (Equivalent 20 weeks FY20: GBP6.6m)
-- Gross margin improved to 48.4% (H1 FY20: 45.0%)
-- Interim dividend up 15% to 1.85p (H1 FY20: 1.6p) reflecting strong cash generation with cash from operations of GBP2.0m (H1 FY20: GBP1.85m)
-- Strong balance sheet at period end with GBP3.80m net cash (H1 FY20: GBP1.50m) resulting in repayment of furlough aid and payment of a special dividend of 3.2p in October 2020
Operational highlights
-- 139 franchise stores in operation as at 30 September 2020. (As at 30 September 2019: 122) -- Six new franchise stores added in the period (H1 FY20: Nine new franchise stores)
-- Online sales increased 51% having successfully launched a new home delivery proposition during the period via Uber Eats, Just Eat and Deliveroo
-- Coventry warehouse and distribution facility nearing completion and expected to open in H2
-- Strong pipeline of new franchisees and confident of meeting full year opening target of new stores
-- Successful launch of new product ranges including gluten free and vegan loaf cakes
Franchisee Store highlights
-- Like-for-like sales growth of 12.1% in franchise stores in the 20 weeks to 30 September 2020 (H1 FY20: 6.9%)
-- Franchisee total turnover up 23% to GBP17.1m in the 20 weeks to 30 September 2020 (Equivalent 20 weeks FY20: GBP13.9m) )
-- Franchisee online sales up 51% to GBP4.0m in the 20 weeks to 30 September 2020 (H1 FY20: GBP2.64m)
Current trading
-- As at 20 November 2020, all the Group's franchise stores remained open, with the exception of the majority of shopping centre kiosks
-- Positive sales growth maintained in H2, with Franchisee like for like sales at +12.7% in October and +2.0% for the first two weeks of November following the imposition of a second national lockdown
-- Following the launch of the Cake Box home delivery service to complement our existing partner offer, online sales have continued to increase in H2, up c.56.5% in the six weeks since period end versus last year
-- Five new stores opened since the period end, with encouraging initial trading including a new record first week sales record in Staines
Sukh Chamdal, Chief Executive Officer, commented:
"We have shown considerable resilience during an unprecedented half year period and have emerged a stronger business for it. This is demonstrated by the strength of our trading momentum since reopening the business, with our franchisee like-for-like sales up by 12.1%, including a 51% increase in online franchisee sales, six new franchise stores opened and a record number of new store applications. This gives us confidence that the momentum in our national rollout will return to pre-COVID levels.
"This has all been the result of a monumental effort from our franchisees, who have continued to focus on giving customers the very best service, and a delicious product, in difficult times. With a strong balance sheet and unique proposition, we remain confident of making continued progress in the second half."
For further information, please contact:
Cake Box Holdings plc Sukh Chamdal, CEO Pardip Dass, CFO +44 (0) 20 8050 2026 Shore Capital (Broker and NOMAD) Stephane Auton Patrick Castle Sarah Mather Fiona Conway - Corporate Broking +44 (0) 20 7408 4090 MHP Communications (Financial PR) +44 (0) 20 3128 8570 Oliver Hughes cakebox@mhpc.com Simon Hockridge Charlie Barker Pete Lambie
Operational Review
Results overview
We delivered a resilient performance in the first half of the year, with trading recovering strongly as our store estate began to reopen from mid-May. This translated into revenue growth of 30% to GBP8.6m in the 20 weeks to 30 September 2020 (20 weeks to 30 September 2019: GBP6.6m), with store like for like sales up 12.1% for the same period.
This strong performance was inevitably offset by the first six weeks of the period when the Group's stores were closed due to the UK lockdown, resulting in the Group achieving revenues of GBP8.6m (HY20: GBP8.8m) and profits before tax of GBP1.66m (HY20: GBP1.74m) over the half year.
Gross margin improved to 48.4% (H1 FY20: 45.0%) , driven by a higher proportion of sponge sales where the gross margin is c.70% and a lower number of new stores where the gross margin is c.25%.
The evolving nature of the COVID-19 situation and Government guidance during the period demonstrated the flexibility and strength of our business model, as we were able to work closely with our franchisees to gradually and safely reopen the store estate. We took careful steps to first re-introduce a limited service to customers through our Click & Collect service. We then finalised new ways of working that allowed franchisees to begin to open their stores, ensuring the safety of our franchisees and their employees by putting into place social distancing measures and issuing appropriate personal protective equipment .
By the end of May production had resumed across all sites, where we implemented new health and safety procedures and operated with reduced staffing levels to maintain the appropriate distancing. We continue to keep all measures under review, prioritising the safety of our stakeholders .
Building on the popularity of our online 'Click & Collect' offer, we successfully launched a new home delivery proposition via Uber Eats, Just Eat and Deliveroo, with an encouraging customer response. This has continued to grow in importance amidst the current pandemic and we have seen our online service go from strength to strength as we look for new ways to serve our customers. This helped drive online franchisee sales 51% higher than the same period last year.
We also made further strategic progress, with our new Coventry warehouse and distribution facility nearing completion and expected to open during the second half of the year, complementing our existing facilities in Enfield and Bradford.
Store openings
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, since the period end, five new franchise stores opened in Staines, Barnsley, Tolworth, Cricklewood and Corby. Staines set a new record by achieving the highest sales in the first week of trading in a new store.
The Group has a very strong pipeline of new franchisees, underpinning confidence that the franchise store rollout programme will return to levels seen prior to the onset of COVID-19. As at 20 November 2020 the Group has received a significant number of deposits for sites across the country.
Warehouse and distribution
Our new Coventry warehouse and distribution facility continued to progress towards completion and is expected to open in the second half of the year It will be Cake Box's third warehouse and distribution facility, with sponge production capability that will enable us to continue to reduce our existing distribution costs and provide a back up to our other production facilities in Enfield and Bradford. This will also create skilled employment opportunities in the area and reduce food delivery miles, supporting our goal of mitigating our environmental impact.
Products
Product innovation remains at the heart of our strategy to retain and gain new customers. We launched several new products into our range, including gluten-free and vegan loaf cakes which have been very well-received by customers across our store network.
Balance Sheet and Cashflow
The Group's balance sheet remains strong, underpinned by the highly cash generative nature of our business model. Cash at period end was GBP5.3m, 66% higher than at the same point last year. The groups debt has reduced by GBP180k to GBP1.54m (H1 FY20: GBP1.72m)
During the period, the Group repaid government monies received for the furloughing of Group level employees who were unable to work during the immediate impact of COVID-19, amounting to GBP156k. The Group does not plan to make any claims under the Government's Job Retention Bonus.
Dividend
As previously announced on 1 September 2020, the Group declared a special dividend of 3.2p per share, which was paid on 23 October 2020. This figure was the same amount as the intended final dividend for the year ending 31 March 2020 that was subsequently withdrawn on 14 April 2020. Whilst the Group retains a prudent approach to capital management, this decision reflected the Board's confidence in the strength of the balance sheet.
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 1.85 pence per share representing an increase of 15% from last year.
The interim dividend will be paid on 23 December 2020 to those shareholders on the register at the close of business on 4 December 2020. The ex-dividend date is therefore 3 December 2020.
Outlook
Trading during the first six weeks of the second half has been encouraging, with five new franchise stores opened across various UK locations in Staines, Barnsley, Tolworth, Cricklewood and Corby.
The Group's franchise store estate traded well in October, with like-for-like sales increasing +12.7%.
The franchise store estate has remained open following the imposition of another national lockdown on 5 November, with the exception of the majority of shopping centre kiosks. Despite the impact of the lockdown on high street footfall, the Group has maintained positive sales growth in November, with like-for-like sales increasing +2.0% in the first two weeks of the month. Online sales have continued to grow strongly following the launch of the Cake Box delivery service, up 56.5% in the six weeks since the end of September versus the same period last year.
While mindful of the current lockdown conditions and the level of uncertainty around future regional restrictions, we expect to open around 20 new franchise stores during the current financial year. This is underpinned by a very strong pipeline of new franchisees.
With a strong balance sheet, business model and brand, we remain confident in the Group's future prospects.
CAKE BOX HOLDINGS PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2020
6 months 6 months 12 months
to 30 September to 30 September to 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
Revenue 2 8,586,565 8,767,072 18,742,175
Cost of sales (4,431,487) (4,816,299) (9,978,675)
----------------- ----------------- -------------
Gross profit 4,155,078 3,950,773 8,763,500
Administrative expenses (2,470,351) (2,184,828) (4,971,999)
Other operating income - - 8,800
----------------- ----------------- -------------
Operating profit 1,684,727 1,765,945 3,800,301
Net finance costs (19,501) (25,434) (36,357)
----------------- ----------------- -------------
Profit before income tax 1,665,226 1,740,511 3,763,944
Income tax expense (285,502) (272,259) (635,349)
----------------- ----------------- -------------
PROFIT AFTER INCOME TAX 1,379,724 1,468,252 3,128,595
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD
Revaluation of freehold property - - 1,400,000
Deferred tax on revaluation
of freehold property - - (266,000)
----------------- ----------------- -------------
TOTAL COMPREHENSIVE PROFIT
FOR THE PERIOD 1,379,724 1,468,252 4,262,595
================= ================= =============
EARNINGS PER SHARE
Basic 4 3.45p 3.67p 7.82p
Diluted 4 3.45p 3.67p 7.74p
The notes on pages 10-12 form part of these interim financial statements.
CAKE BOX HOLDINGS PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020
30 September 30 September 31 March
2020 2019
(unaudited) (unaudited) 2020
(audited)
Note GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 7,155,002 5,558,155 7,199,549
Trade and other receivables 4,000 18,226 10,000
Deferred tax asset 65,169 - 37,690
------------- ------------- -----------
7,224,171 5,576,381 7,247,239
------------- ------------- -----------
Current assets
Inventories 1,369,819 1,153,213 1,396,235
Trade and other receivables 1,603,392 1,569,812 1,453,232
Cash and cash equivalents 5,335,601 3,223,701 3,676,042
8,308,812 5,946,726 6,525,509
------------- ------------- -----------
TOTAL ASSETS 15,532,983 11,523,107 13,772,748
============= ============= ===========
EQUITY AND LIABILITIES
Share capital and reserves
Issued share capital 4 400,000 400,000 400,000
Capital redemption reserve 40 40 40
Revaluation reserve 1,589,422 455,422 1,589,422
Share option reserve 342,996 64,958 198,368
Retained earnings 7,396,231 6,276,164 7,296,507
------------- ------------- -----------
TOTAL EQUITY 9,728,689 7,196,584 9,484,337
------------- ------------- -----------
Current liabilities
Trade and other payables 3,423,785 1,979,040 1,493,352
Short-term borrowings 167,754 167,754 167,754
Current tax payable 309,081 552,794 648,522
------------- ------------- -----------
3,900,620 2,699,588 2,309,628
Non-current liabilities
Borrowings 1,371,179 1,505,982 1,446,288
Deferred tax liabilities 532,495 120,953 532,495
------------- ------------- -----------
1,903,674 1,626,935 1,978,783
TOTAL LIABILITES 5,804,294 4,326,523 4,288,411
------------- ------------- -----------
TOTAL EQUITY & LIABILITIES 15,532,983 11,523,107 13,772,748
============= ============= ===========
The notes on pages 10 to 12 form part of these interim financial statements.
CAKE BOX HOLDINGS PLC
UNAUDITED CO NS OLIDATED S TAT E M ENT OF CHANGES IN EQUITY
FO R THE SIX M ONTHSED 30 SEPTEMBER 2020
Sh ar Capital Revaluation R e t To t a
e redemption Share rese r ai n ed l
ca p reserve option ve ear n i
i t a GBP reserves ng s
l GBP GBP GBP
GBP
GBP
B a la n c e at 1 April
2 0 19 400,000 40 - 455,422 5,767,912 6,623,374
T o ta l c omp r e h
e nsi ve 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)
------- ----------- ---------- ----------- ----------- -----------
B a la n c e at 30 September
2 019 400,000 40 64,958 455,422 6,276,164 7,196,584
------- ----------- ---------- ----------- ----------- -----------
T o ta l c omp r e h
e nsi ve income - - - - 1,660,343 1,660,343
Share based payments - - 144,636 - - 144,636
Deferred tax on share
based payments (11,226) (11,226)
Revaluation of freehold
property - - - 1,400,000 - 1,400,000
Deferred tax on revaluation
of freehold properties - - - (266,000) - (266,000)
Dividends paid - - - - (640,000) (640,000)
------- ----------- ---------- ----------- ----------- -----------
B a la n c e at 31 March
2 0 20 400,000 40 198,368 1,589,422 7,296,507 9,484,337
------- ----------- ---------- ----------- ----------- -----------
T o ta l c omp r e h
e nsi ve income - - - - 1,379,724 1,379,724
Share based payments - - 144,628 - - 144,628
Dividends accrued - - - - (1,280,000) (1,280,000)
B a la n c e at 30 September
2 020 400,000 40 342,996 1,589,422 7,396,231 9,728,689
======= =========== ========== =========== =========== ===========
CAKE BOX HOLDINGS PLC
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHSED 30 SEPTEMBER 2020
6 months to 6 months to 12 months
to
30 September 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash from operating activities:
Profit before income tax 1,665,226 1,740,511 3,763,944
Adjusted for:
Depreciation 292,529 201,037 491,630
Loss/(Profit) on disposal of
tangible fixed assets (7,141) 188,003 (5,608)
Decrease/(Increase) in inventories 26,415 (243,497) (486,519)
(Increase)/Decrease in trade
and other receivables (144,160) (2,690) 122,116
Increase/(Decrease) in trade
and other payables 650,435 447,154 (38,537)
Share based payment charge 144,628 53,732 198,368
Finance income (2,314) (7,491) (17,872)
Finance costs 21,815 32,925 54,229
-------------- ------------------------- --------------
Cash generated by operations 2,647,433 2,409,684 4,081,751
Taxation paid (652,422) (557,162) (727,898)
Net cash inflow
from operating
activities 1,995,011 1,852,522 3,353,853
-------------- ------------------------- --------------
Cash flows from investing activities
Sale of property, plant and
equipment 9,848 23,962 28,462
Sale of assets held for sale - 649,998 650,000
Purchase of property, plant
and equipment (250,690) (923,367) (1,266,242)
Interest received 2,314 7,491 17,872
Net cash flows
used in
investing
activities (238,528) (241,916) (569,908)
-------------- ------------------------- --------------
Cash flows from financing activities:
Repayment of borrowings (75,109) (476,024) (535,718)
Dividends paid - (960,000) (1,600,000)
Interest paid (21,815) (32,925) (54,229)
-------------- ------------------------- --------------
Net cash flows used in financing
activities (96,924) (1,468,949) (2,189,947)
Net increase in cash and cash
equivalents 1,659,559 141,657 593,998
Cash and cash equivalents brought
forward 3,676,042 3,082,044 3,082,044
-------------- ------------------------- --------------
Cash and cash equivalents carried
forward 5,335,601 3,223,701 3,676,042
============== ========================= ==============
For the purposes of the cash flow statement, cash and cash equivalents comprise the following:
Cash at bank and in hand 5,335,601 3,223,701 3,676,042
========== ========== ==========
CAKE BOX HOLDINGS PLC
NOTES TO THE INTERIM ACCOUNTS
FOR THE SIX MONTHSED 30 SEPTEMBER 2020
1. Notes to the Interim Report
B a s is of preparation
T h e co ns olidated half-yearly fin a ncial state men t s do n ot con stit ute s tatuto ry accou n ts wit h in t he meaning of Section 434 of t he C o m p a nies Act 2006. T he statuto ry accou nts f or t he year en ded 31 March 2020 have been filed with t he Regis t rar of Co m panies at C o m panies Hou se. T he au ditor's report on t he statuto ry accou n ts f or the year en ded 31 March 2020 was u n q ualified, did not include any matters to which the auditor drew attention by way of emphasis and did n ot co ntain a ny state men ts un der Section 498 (2) or ( 3) of the C o m panies Act 2006.
The published financial statements for the year ended 31 March 2020 were prepared in accordance with International Financial Reporting Standards as adopted for use in the EU ("IFRS").
T h e co ns olidated annual fin a ncial state men t s of Cake Box Holdings Plc f or the year en ded 31 March 2021 w ill be prepar ed in accordance w ith I F RS. Accordin g l y, these inter im f i nan cial state ments h a ve been prepared us i ng accou nti ng policies con siste nt with t h o se w hich will be adopted by t he Gro up in t he f i nancial statements for the year ended 31 March 2021 but do not contain all the information necessary for full compliance with IFRS.
The co ns olidated half-yearly fin a ncial state men t s for the six months to 30 September 020 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 property, plant and equipment.
B a s is of cons olidation
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. 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
2020
(unaudited) 2019 2020
(unaudited) (audited)
GBP GBP GBP
Sale of goods 7,898,916 7,823,424 16,580,555
Sale of services 687,649 934,848 2,161,620
Rental of properties - 8,800 -
-------------- -------------- -------------
8,586,565 8,767,072 18,742,175
-------------- -------------- -------------
3. Dividends
6 months 6 months 12 months
to 30 September to 30 September to
2020 2019 31 March
2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
Dividends paid - 960,000 1,600,000
================== ================= ===================
A special dividend was declared and agreed on 1 September 2020
of 3.20 per share (H1 FY19: GBPnil). This dividend was recognised
as a liability as at 30 September 2020 (2019: GBPnil). The
dividend was paid on 23 October 2020.
In addition an Interim dividend of 1.85p (H1 FY19 1.6p per
share) was declared today and will be paid in December.
4. Share Capital
6 months 6 months 12 months
to 30 September to 30 September to
2020 2019 31 March
2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
40,000,000 Ordinary shares
of GBP0.01 each 400,000 400,000 400,000
================= ================= ==========
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. An option pricing model was used to determine the value of these options at the reporting date.
E a rnings 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 30 September to 30 September 31 March
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
Basic earnings per share 3.45p 3.67p 7.82p
Diluted earnings per share 3.45p 3.67p 7.74p
----------------- ----------------- -------------
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