Hotel Chocolat Group plc has announced its preliminary results for the 52 weeks ended 27 June 2021 (“FY21”). Revenues were up by 21 per cent to £164.6m (FY20: £136.3m) with 70 per cent of revenue generated through digital, partners and continuity products. The company says that its Velvetiser in-home hot chocolate system is driving its high lifetime-value subscription-continuity model and that it enjoyed a 31 per cent increase in its active consumer database across the year and successfully pivoted its US store-led model to digitally-led. Its Japan JV is trading 27 Hotel Chocolat stores and its wholesale activity enjoyed strong growth.
The business increased its production capacity by 66 per cent, sufficient to support £250m of chocolate sales per annum and its equity placing in July raised £40m to fund further factory expansion and growth channels, which will support £500m chocolate sales in 3 years.
Angus Thirlwell, Co-founder and Chief Executive Officer of Hotel Chocolat, said: “These results show we have now evolved from a UK store-led brand to a globally ambitious digital-led brand. FY21 was a year where Hotel Chocolat improved on many fronts. Our digital and subscription-continuity models surged ahead and our global aspirations racked up more strong growth and progress.
“The continued challenges of COVID-19 pushed us to accelerate many of our existing plans and strategic initiatives, helping to strengthen our financial position, improve our multichannel capability, deepen customer engagement and loyalty, and accelerate the rate of product innovation, whilst continuing to make good progress in our two new and sizeable markets of the USA and Japan.
“A real highlight was developing the new Hotel Chocolat Gentle Farming Charter, applying all we have learned by farming ourselves in Saint Lucia, to ensure all our farming families can earn a living income in return for climate-smart farming. The living income takes into account actual family living costs and realistic farm output. In return for the higher price farmers commit to sustainable farming practices, planting of indigenous shade trees and zero illegal child labour.
“I am confident that the strategic progress we have achieved over the past year has improved the performance and prospects of the business for significant years to come.
“Finally, I would like to thank our colleagues for their hard work during the year. I am incredibly proud of how Hotel Chocolat has adapted to the disruption caused by COVID-19 and I would like to also thank our customers for their continued loyalty, and our partners for their collaboration.”
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