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Fri 22nd Dec 2017 - Pieminister results, Patisserie Valerie earnings
Pieminister reports turnover up 17% to £12.6m: Bristol-based Pieminister has reported turnover increased 17% to £12,556,000 for the year ending 31 March 2017 compared with £10,749,000 the previous year. Pre-tax profit fell to £148,000 compared with £315,000 the year before, according to accounts filed at Companies House. A report by the directors accompanying the accounts stated: “The strong growth over the past year has been derived from all of our business channels and product development activities. The strategic focus on our retail channel has been a key factor in driving the increased revenues following the acquisition of new outlets in Manchester and Trentham Gardens in Staffordshire. We continue to develop the restaurant property pipeline to deliver more outlets in 2017 and beyond. We have also been focusing on developing strategic relationships with key partners in the foodservice industry, which has resulted in more branded outlets across a variety of music, sport and leisure venues. Another key factor in our positive growth this year has been the roll out of our award-winning gluten-free range in the grocery sector. The strength of the brand continues to accelerate; this has been aided by the opening of new stores and extended distribution across all customer channels. As for many food businesses, gross margin has been under pressure this year following severe cost inflation in the dairy and meat markets; we have invested significantly in our production facility in order to try to offset these ongoing inflationary pressures, which have continued into the next financial year. Despite difficult market conditions and uncertainty over Brexit, the directors are confident Pieminister is a strong and sustainable brand that will continue to outperform the market. The liquidity and cash position remained strong. At 31 March 2017 the company had cash of £1,038,000 (2016: £801,000).” The number of staff at the end of the period increased to 210 compared with 186 the previous year. Earlier this week, Pieminister secured a £1.65m finance package from HSBC to open three restaurants, invest in a new plant, and improve efficiencies. The company currently operates a total of 14 restaurants and cafes.

Patisserie Valerie chief executive sees £186,000 earnings fall: Patisserie Valerie chief executive Paul May’s earnings fell by £186,000 to £313,000 for the year ending 30 September 2017, according to the company’s annual report. Finance director Chris March was paid £212,000, down from £340,000 the year before. Executive chairman Luke Johnson’s emoluments were pegged at £60,000, as were those of non-executive director James Horler who earned £35,000 and fellow non-executive director Lee Ginsberg who eared £50,000. The company’s annual general meeting will take place on Tuesday, 30 January.

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