West Cornwall Pasty Co earnings soar 85%
The brand's released its latest financial statements for the year ending 25th March 2016, showing sales figures of £13m with underlying like-for-like sales increasing by 7.6%.
The company's EBITDA rose by 85% to £1.02m (2015 £0.55m). The business has no institutional debt and at the year end it had £1.4m on deposit with its bankers.
Executive Chairman Chris Peck said, 'West Cornwall Pasty Co is a brand in high demand, our strategic shift towards a profile raising lifestyle approach has influenced a robust fast track growth plan especially in the travel and sports sector with a proven track record of significant impact. Continued investment into strong communication and engagement with our expanding customer base, innovating with new headline products and exciting new generation store refurbishments has placed the spotlight well and truly on all brand activity both digitally and at store level.'
West Cornwall Pasty Co also announced a brand new contract with Welcome Break to supply cooked chilled branded products across their entire Waitrose estate.
The brand continues to develop their large franchise contract with Moto Hospitality across 18 units over the Motorway network and are enjoying a successful new brand presence in BP petrol station forecourts. (Wild Bean Cafe's) New developments in rail travel sees new generation railway station sites opening with Preston and Surbiton, followed by new units in Norwich, Peterborough and Southampton stations. The brand is also in discussion with a number of airports.
A long term contract has also been signed securing the retail outlets at Twickenham stadium, plus a 3 year sponsorship deal with the RFU's All Schools Programme charity.
Driving a high profile brand presence at premier outside sports and leisure events has also increased during the year including the Cheltenham Festival, Silverstone, Wembley, The Millennium Stadium and both the SSE Glasgow and Wembley Arenas.
The company launched West Cornwall Food Co with an extended product range including freshly made sandwiches and a luxury range of cakes. The first store to carry the new range is at Canterbury where sales since the changes were made, have risen to 50% up on last year. The second West Cornwall Food Co opened in August in Chichester. A roll-out of the successful concept is planned for 2016/17 to a number of other high street West Cornwall Pasty Co stores.
Chris Peck said, "We are pleased with the results so far; since the year end trading remains very robust with LFL sales up in double digit growth. We expect another year of substantial profit growth, as we continue to innovate and engage with current and new customers. Our aim is, as ever to maintain quality products which are excellent value for money and to further inspire customers to engage with and enjoy the new direction of the brand.'
