Caffe Nero, the fast-growing Italian-style coffee bar operator led by chairman and chief executive Gerry Ford, served up record interim figures to November. Pre-tax profits, stripping out exceptionals and goodwill, warmed up by 118% to £2.14m, on a 40% jump at the top line to £32.8m, and Ford reported positive like-for-like sales growth of 6%. In fact, Caffe Nero ticked just about every box in a statement awash with bullish sentiment. Trading in the second half has started well, Caffe Nero enjoyed a buoyant Christmas and New Year period and the brand is thriving in a variety of formats and locations including smaller suburbs. During the half, Caffe Nero expanded 'faster and further' into regional locations with nearly all its 30 new stores opening outside London. Today, the company has 198 stores in 73 UK towns and cities, and these are opening at a rate of four per month. Ford is targeting at least 210 stores by the year-end in May, and insists the company is gaining market share. 'We have around 11% of a growth market that is already consolidated,' he told Growth Company Investor, 'and our cash will help us grow even faster.' Half-time cash balances stood at £3.3m, and Ford also has a £3.5m facility to fund growth - not that cash is an issue, since the roll-out could be funded through internal cashflow. Last year to May, underlying pre-tax profits frothed up 127% to £2.4m. Analysts have upgraded their 2005 numbers. Hold.