Cake Box Holdings PLC Trading Update (5468X)
September 01 2020 - 2:00AM
UK Regulatory
TIDMCBOX
RNS Number : 5468X
Cake Box Holdings PLC
01 September 2020
1 September 2020
Cake Box Holdings plc
("Cake Box" or the "Company" or the "Group")
Trading Update
Positive current trading, repayment of furlough monies and
special dividend
Cake Box Holdings plc, the specialist retailer of fresh cream
cakes, today announces a trading update covering the first five
months of its financial year, to 30 August 2020.
Trading performance
The period to 30 August 2020 included a period of 6 weeks during
which all of the Group's stores were closed due to the UK lockdown,
impacting sales. As previously announced with our full year results
on 15 June 2020, the Company implemented new ways of working and
gradually reopened the store estate across the country, meaning
that by 1 June 2020, 131 of the 133 stores had reopened, offering a
limited menu of products.
In the last three months, since the reopening of the estate,
trading has been very strong, with like-for-like sales growth of
c.14.1% in franchise stores. Online sales continue to grow, up
c.74% compared to the previous year three-month period. The Company
is also benefiting from the increasing appeal of its delivery
service through Uber Eats, Just Eat and Deliveroo.
Since the start of June, the Group opened 5 new stores including
in Swindon and Basingstoke, and continues to target further new
store openings, with a good pipeline of franchisees and locations
to achieve this. Alongside the additional employment our new
franchise stores bring to communities, we are also recruiting for
certain new roles at our central HQ to support our continuing
growth.
Repayment of furlough monies
During the onset of Covid-19 in the UK, Cake Box utilised the
Government's Job Retention Scheme in order to protect jobs in an
uncertain environment.
Given the ongoing trading performance of the Group, the Board
has taken the decision to repay the monies previously received
under the Job Retention Scheme, amounting to GBP156k, and will make
no further claims under the scheme. The Group does not plan to make
any claims under the Government's Job Retention Bonus.
Outlook and dividend
With one month left of the Company's half year, the Board is
encouraged by the trading performance since reopening, its level of
cash generation, and the prospects going forward.
Whilst the Group retains a prudent approach to capital
management, the Board is confident in the strength of the balance
sheet and has taken the decision to pay a special dividend of the
same amount as the final dividend for the year ending 31 March 2020
that was withdrawn on 14 April 2020. As such, a payment of 3.2p per
share will be made on 23 October 2020 to shareholders on the
register as at 9 October 2020, with an ex-dividend date of 8
October 2020.
ENDS
For further information, please contact:
Cake Box Holdings plc
Sukh Chamdal, CEO +44 (0) 20 8443
Pardip Dass, CFO 1113
Shore Capital
Stephane Auton
Patrick Castle +44 (0) 20 7408
Sarah Mather 4090
MHP Communications +44 (0) 20 3128
Oliver Hughes 8570
Simon Hockridge cakebox@mhpc.com
Charlie Barker
Pete Lambie
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END
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