Cake Box (CBOX) H1 2025 earnings summary

Executive summary

• Revenue increased 4.3% to £18.7m, with gross profit up 11.5% and profit after tax rising over 16% year-over-year.

• Online sales grew 16.6%, now representing over 22% of franchise store sales, and the customer database expanded by 40%.

• Store opening program accelerated, with 14 new stores opened year-to-date and a target to exceed 25 new stores for the full year.

• Launched Cake Club loyalty scheme, reaching 63,000 subscribers, and expanded digital initiatives.

• Exclusive Nutella cake range launched and pilot store opened in Paris as part of international expansion.

Financial highlights

• Group revenue up 4.3% to £18.7m; total franchise sales up 7.6%; like-for-like sales up 2%.

• Gross profit increased by 11.5%, with gross margin up 350 bps to 53.8%.

• EBITDA rose 11.9% to £3.5m; profit after tax up 16.4%; basic EPS up 16.4% to 5.18p.

• Interim dividend up 17.2% to 3.4p per share.

• Net cash position at £5.6m after investments and dividend payments.

Outlook and guidance

• Trading momentum remains strong, with October franchise sales up 9.9% and like-for-like sales up 4% year-over-year.

• Online sales in October up 23%, now 23.9% of franchise store sales.

• On track to exceed 25 new store openings for the full year.

• Continued focus on customer loyalty, multi-channel growth, and evaluating M&A and international expansion.

• Confident in meeting or exceeding market expectations despite a challenging consumer environment.