UK: Cake Box closes FY 2021 with record revenue as online sales soar 84%
Egg-free bakery looks ahead to increased production as it ends fiscal year with £5.1 million on its balance sheet
UK egg-free bakery Cake Box has reported record revenue of £21.9 million for the 12 months to 31 March 2021, an increase of 17% on the previous year.
In its fiscal year earnings report, the company hailed an 84% year-on-year uptick in online sales, powered in-part by the launch of an in-house delivery platform during the period.
Gross revenue margin grew 3% to 49.7% as the company closed the 12-month period with £5.1 million in cash on its balance sheet.
These results surpassed the company’s previous projection of a 16% YoY revenue increase.
Cake Box opened 24 new franchises in 2020, with an additional nine launched in the first quarter of its 2022 fiscal year.
This year, the company also commenced a pilot scheme for Cake Box kiosks featured in a national supermarket chain, with five opened during the period.
Group CEO Sukh Chamdal said of the initiative: “Despite the reliance of our shopping centre kiosks on footfall, we are confident in the continued attractiveness of this offering for existing franchisees.
“Trading at these locations has resumed following the reopening of non-essential retail locations on 12 April 2021,” he added.
In April, Cake Box launched operations at a new bakery and distribution centre in Coventry.
Looking ahead, the firm is seeking a commercial head/ managing director to take responsibility for marketing and supply chain management, as well as an IT director.
“We have achieved record results during a year which included a global pandemic and the temporary closure of our entire store estate. We have ultimately emerged a bigger, better business,” Chamdal said.
“Trading has remained strong post-period end with nine new franchise stores opened in the first quarter,” he added.