Pieminister sees annual turnover rise by 17% to £12.6m

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The award-winning pie making and retail business, Pieminister has posted financial results for the year ending 31 March 2017, which shows an uplift if 17% in turnover to £12,556,000 compared with £10,749,000 for the year before.

During the period, the Bristol-based company saw pre-tax profit decline to £148k compared with £315k in the previous financial year.

Pieminister’s directors said, “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 results follows the news this week that Pieminister secured £1.65m to open three more eateries, invest in a new kitchen, and improve efficiencies.

This month, Pieminister has opened a new outlet in Brixton and a further two sites are scheduled to launch, which will bring the portfolio to 16 sites.

Pieminister sees annual turnover rise by 17% to £12.6m by Caterlyst | Caterlyst - https://www.caterlyst.com/

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