Cake Box has delivered a very strong beat to revenues in the year to March’21. This has come from a significant outperformance in its franchise estate; online sales having surged in H2 and store openings ahead of expectations. There are numerous trials of new channels and these just scratch the surface of where this brand could end up being distributed through. We also welcome to investment made into the business with incremental profits being reinvested to support the growth across multiple channels. High growth, limited capex demands, a return to dividends (back in Nov) and a very strong B/S suggests this is a stock to own. We reiterate BUY, with an increased TP of 360p reflecting the strong beat and improved growth prospects.