The City gave Thorntons a thumbs-up after the chocolatier posted a tasty increase in first-half profits and sales.

Pre-tax profits rose 14 per cent to£11.9 million, on total sales up 13.9 per cent to£126.7 million.

Chief executive Mike Davies said the business had enjoyed growth at both company-owned and franchise stores, at its commercial division through wholesale deals with other retailers and at its direct arm.

He said continuing multichannel focus, product development and store improvements “will outweigh any macro factors”. Thorntons will test 10 new-format stores this summer.

Kaupthing analyst Matthew McEachran welcomed the results, but said they didn’t really “mention raw material cost increases that are emerging quite strongly, other than to say a small negative was offset by manufacturing efficiencies”.

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