UK-based premium chocolate maker Hotel Chocolat Group plc reported on Wednesday a drop in half-year revenue despite record Christmas campaign sales in its UK stores.
Group revenue for the six months to 25 December 2022 totalled £129.8m, down from £142.9m in the same period a year earlier.
UK retail grew 7% on a like-for-like basis and was up 25% compared with pre-pandemic figures, which Hotel Chocolat said was the result of “hefty investments” in its brand.
However, underlying operating profit fell to £12.1m, from £26.1m a year ago, and profit before tax declined to £8.3m from £20.4m in 2021.
Co-founder and CEO Angus Thirlwell said that due to the cost of living crisis, Hotel Chocolat remains “cautious” about consumer sentiment over the upcoming seasonal events of Mother’s Day, Easter, Eid and Father’s Day.
Pre-tax profit for the full year is anticipated to range between £4m and £7m, depending on how the company performs over Easter.
