Cornish Bakery eyes expansion as FY24 turnover rises 24% to £29m
Post year end, Cornish Bakery is pleased with its continued growth in revenues, EBITDA and bakeries
Cornish Bakery is looking to “substantially” grow the business, as net turnover rose by 24.05% to £29.4m in the year ended 30 May 2024.
At the year end, Cornish Bakery had 61 bakery locations across the UK – five more than a year prior – including six locations under a franchise agreement with Roadchef Motorways.
In FY24, Cornish Bakery’s EBITDA rose by 6.25% to £3.4m. In the two years to May 2024, the business posted revenue and EBITDA growth of 47% and 21% respectively.
Meanwhile, the bakery chain revealed its staff retention is “at an all time high” with an ‘Outstanding’ accolade at Best Companies to Work For.
In addition, the group’s Net Promoter Score (NPS) remains high, as customers receive “a premium and person-to-person” experience.
According to Cornish Bakery, this service is provided with minimum technology interference delivered by “a passionate front line team who are part of the fabric of their local community”.
Post year-end, Cornish Bakery is pleased with its continued growth in revenues, EBITDA and bakeries.
The group’s directors also believe that the business is well capitalised, with a cash rich balance sheet and a platform that is set up for continued expansion.
Since the year end, six bakeries have been opened and a further five are under offer with EBITDA on course to exceed £5m.
