Hotel Chocolat (HOTC) boss Angus Thirlwell says there are three main goals now the company has gone public: open more stores quickly, invest in British manufacturing capabilities and improve the brand's digital platform. An inaugural set of annual results suggest things are off to a good start, sending the shares higher in early trading. The group opened four stores, on a net basis, during the reported period, with a further eight openings expected by Christmas.
The company has good traction online, too. Web sales grew 20 per cent last year and, as a proportion of total revenues, Mr Thirlwell says roughly a quarter come via home deliveries, although that includes deliveries to 'Tasting Club' subscribers, too.
Ahead of Christmas, the group is focused on its productivity levels and manufacturing capacity, evidence for which is shown by the £3.7m spent on installing a mezzanine floor at its factory and upgrading a production line, as part of the company's largest capex programme to date.
Analysts at Liberum expect pre-tax profits of £10.2m for the year ending June 2017, giving EPS of 7.4p (from £8.2m and 6.4p in FY2016).
| HOTEL CHOCOLAT (HOTC) | ||||
|---|---|---|---|---|
| ORD PRICE: | 238p | MARKET VALUE: | £268m | |
| TOUCH: | 230-238p | 12-MONTH HIGH: | 245p | LOW: 166p |
| DIVIDEND YIELD: | nil | PE RATIO: | 61 | |
| NET ASSET VALUE: | 18p | NET DEBT: | 3% | |
| Year to 26 June | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2013* | 68.9 | 3.3 | na | na |
| 2014* | 75.2 | -4.8 | na | na |
| 2015 | 81.1 | 2.9 | na | nil |
| 2016 | 91.1 | 5.6 | 3.9 | nil |
| % change | +12 | +91 | - | - |
Ex-div: na Payment: na *Pre-IPO figures | ||||
