Thorntons has announced a 60% jump in annual profits as a result of its cost-cutting initiative.
Pre-tax profits and one-off items at the chocolatier jumped to a better-than-expected £7.5m in the year to the end of June, from £4.7m a year earlier. Revenue was only marginally ahead, at £222.4m.
The chief executive, Jonathan Hart, who joined the company at the start of 2011, is trying to turn around the business by moving sales to supermarkets and online while closing traditional high street stores. Thirty-nine Thorntons shops were closed during the year, reducing the number of own-brand stores to 260.
The firm said it was making good progress in revamping its brand and had successfully launched a Classics range of chocolates and a new line of toffee and fudge called Nostalgia. A collection of advent calendars for adults and an Easter character called Harry Hopalot were also introduced. "Harry had a very positive impact on our Easter performance," said Hart.
Thorntons did not declare a dividend for the year. Its shares climbed to 109.75p before closing at 103p on Wednesday. Two years ago they were changing hands at less than 10p.
