British chocolatier Hotel Chocolat has reported a 56% rise in first half profit as the appeal of its brand grew in its home market, the United States and Japan.
For the six months to 26 December the luxury chocolate maker, retailer and wholesaler made a pretax profit of £24.1 million (€28.9 million), up from £15.5 million (€18.6 million) a year earlier, on revenue up 40% to £142.9 million (€171.6 million).
Hotel Chocolat sells its products online and through sites in the UK, Japan and the United States. It also has an organic cacao farm, hotel and visitor attraction in Saint Lucia, as well as a chocolate factory in Cambridgeshire, eastern England.
The company said inflationary pressures were mitigated, with profits growing faster than sales.
Trading In Line With Expectations
Trading so far in 2022 has continued to be in line with the board's expectations.
"The multi-channel performance of the UK remains encouraging, and the new markets continue to show promising potential for growth and profitability," said CEO Angus Thirlwell, who co-founded the business in 1993 and owns 27% of the equity.
Shares in Hotel Chocolat, up 21% over the last year, closed on Tuesday at 450 pence, valuing the business at £622 million (€746.8 million).
In 2020, the British chocolatier increased its banking facilities to help get it through the coronavirus crisis. The firm said it had agreed a £35 million (€42 million) revolving credit facility with Lloyds Bank, replacing a £10 million (€12 million) overdraft.
News by Reuters, additional reporting by ESM – your source for the latest A-Brands news. Click subscribe to sign up to ESM: European Supermarket Magazine.
