2021 Cake Box to open 20 new franchise stores by March

boss  said it expects to open around 20 new franchise stores during the current financial year ending in March despite COVID-19 uncertainty.

A new warehouse and distribution facility in Coventry is also forecast to open in the second half.

Its estate, which counted 139 stores in September, has remained open during the current lockdown except the majority of shopping centre kiosks.

Sales increased 2% in the first two weeks of November, following a 13% jump in October.

Online sales kept growing following the launch of the baker’s delivery service, surging 56.5% in the six weeks since the end of September.

The cakes retailer hiked the interim dividend by 15% to 1.85p per share following a defensive first half despite the pandemic.

    In the six months to September 30, revenue dipped 2% to £8mln while pre-tax profit shed 4% to £1mln. At period-end, net cash was £3mln, which allowed repaying the funds taken under the government’s furlough scheme and issue a special dividend of 3.2p in October.

Shares rose 4% to 197.75p on Monday at the opening bell.