Chocolate retailer Thorntons upgraded annual profit forecasts after decent Easter trading kept its turnaround on track.
It said trading over its key Easter, Valentine’s Day and Mother’s Day periods was “satisfactory”.
Thorntons shares soared as much as 10% as the group said it now expects underlying pre-tax profits for the year to the end of June to beat market forecasts for £3.1 million.
However, the group, which trades from more than 300 owned stores and around another 190 franchises, said it remains cautious on the economy and consumer spending.
Solid Easter trading follows a strong Christmas performance, when it recorded a big jump in supermarket sales of chocolate boxes, helping half-year profits rise 70%.
Its buoyant recent trading marks another step in the group’s turnaround, which involves shrinking its footprint to a core estate of 180 to 200 sites.
The overhaul, spearheaded by CEO Jonathan Hart, follows a series of profits warnings in 2011 when the chocolatier was hit by the consumer spending squeeze and competition from supermarkets.
Analysts at Panmure Gordon said the unscheduled update suggests annual profits around 10% ahead of consensus.
Shares closed up 6p at 75p.