Hotel Chocolat has informed the market that, whilst it expects its full year revenues to be in line with market expectations, profits will be lower. This is, it says, the result of inflationary pressures and the impact of the cost of living on consumers.
Expected revenue for FY23 is £201.8m with an underlying profit before tax of £0.3m.
The business said: “As previously announced, the 2023 financial year is a transition year to reshape the business in readiness for its next stage of growth. While excellent progress has been achieved on cost-base efficiencies, they are materialising later in the year than initially anticipated.
“Cash generation remains healthy with cash at hand of £19 million and zero debt. For the 2024 financial year, the group expects sales and underlying profit before tax to be lower than current market expectations due to ongoing weakness in consumer sentiment and continuing inflationary pressures.”
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