Ole & Steen, the Danish bakery and coffee house, has announced another year of strong performance and positive financial growth following a focused period of strategic execution for the brand.
Ole & Steen, home of the freshly baked Cinnamon Social, reported solid 25% EBITDA increase after a year marked by continued investment and operational discipline.
EBITDA for the year rose to £4,890,689, up from £3,926,824 in 2023, highlighting the success of efficiency measures and improved performance in the latter half of the year.
Ole & Steen also reported a 5% growth in turnover for the year ending December 31, 2024, with revenue increasing to £36,684,837 from £34,820,879 in 2023.
The company’s performance was bolstered by an outstanding finish to the year, with Q4 delivering +17% like-for-like sales growth, firmly re-establishing Ole & Steen’s position as London’s favourite Danish bakery and coffee house. This positive momentum has continued into 2025.
Growth reflects sustained momentum across all 26 London stores, driven by organic sales improvements, enhanced digital capability, product innovation, and consistent execution of the company’s Refocused Strategy introduced in April 2024.
The company’s investment in its London production facility in Leyton has delivered tangible benefits in consistent product quality and cost efficiency, laying a solid foundation for continued profitable growth in the UK.
Ole & Steen UK Managing Director Graham Hollinshead said:
“2024 was a year of strong and focused execution for Ole & Steen as we delivered organic top-line sales growth of 5%, reaching £36.7 million across our 26 London stores. In addition, our EBITDA increased by £964k to £4.9 million, a 25% year-on-year uplift. This performance was driven by a stellar finish to the year, with Q4 delivering +17% like-for-like sales growth, firmly re-establishing our position as London’s favourite Danish bakery and coffee house. This positive momentum has continued into 2025."
“The foundation for our success was the Group Refocused Strategy launched in April 2024. This strategy has reaffirmed our identity as The Danish Bakery and Coffee House in London. We’ve invested heavily in our stores, teams, service standards, and digital capability. From extended opening hours to seasonal product development, we’re meeting our customers where they are – in-store, online, and on special occasions like New Year, Halloween, and Valentine’s Day."
“As we moved into autumn, we recorded some of our best trading weeks ever. October saw the launch of our highly successful “Treat of the Week” campaign, showcasing a different signature Danish pastry each week at a special price point. The response has been outstanding, and we’ll continue the offer throughout 2025.”
Graham added: “Innovation remains at the heart of what we do. In 2024, we launched a series of standout products from our award-winning Christmas Turkey Toastie to the beautifully crafted Cardamom Bun. And who could forget the festive twist on our iconic Cinnamon Social, reimagined as a limited-edition Christmas Chocolate and Orange Social with orange jam, custard, and chocolate icing."
“Customer convenience is core to our brand experience. In 2024, we expanded to three major delivery platforms and introduced a new web-based ordering portal to better serve offices and B2B clients. Meanwhile, our Loyalty App membership grew by over 40%, with strong engagement across features like Click & Collect, loyalty rewards, and exclusive offers."
“At the heart of our Refocus Strategy was a clear mission to win our customers back. Thanks to the passion, hard work, and commitment of our incredible team.”
Looking ahead, the business is poised to maintain strong trading performance and capitalise on efficiencies throughout 2025.
Ole & Steen, known for its iconic Cinnamon Social and authentic Danish pastries, continues to focus on delighting customers with seasonal menu innovations and superior service. Recent highlights include the successful launch of a limited-edition Gelato in partnership with Badiani and strong performance of newly introduced core items.
