The rapid expansion of Cake Box has accelerated as the company unveiled results for its first year as a listed business.
The egg-free cream cake brand – which operates on a franchise model – opened in 27 new locations in the year to March 31, up from 23 new stores last year.
As of the end of March, there were 113 franchise stores in operation.
Pre-tax profits were up 14% to £3.8 million, while overall revenue jumped 33% to £16.9 million.
The company said like-for-like sales at franchise stores were 6.5% higher. Online sales meanwhile rocketed 58% to £4.4 million.
It comes almost exactly a year after the group floated on London’s junior market, when it achieved a valuation of just over £50 million.
The rising share price since then has pushed the market capitalisation to over £66 million.
Chief executive Sukh Chamdal said: “These results demonstrate the continuing appeal of the Cake Box brand, to both customers and franchises, combined with the financial strength of the group, particularly the strong cash generative nature of our business model.
“In the past financial year, we have made good progress with our strategic priorities of new store growth, growing our existing stores, introducing new product lines and developing our digital marketing.”
Four new franchise stores have opened in the current trading period, with two more expected to open by the end of this month.
The group said it is on track to deliver its target of two new stores per month.