Family-owned jewellery retailer Beaverbrooks said it’s had a “successful year”, as it reports six years of consecutive growth.
In its latest accounts for the full-year to February 29, the retailer said turnover had increased 12.4 per cent, from £127.4m to £143.2m, while operating profit rose to £17.2m, up from £12.8m.
The company said 2019 was “the biggest year in Beaverbrooks’ 101-year history, achieving in aggregate the six most profitable years in its history”.
Beaverbrooks said it is expecting to retain strong levels of profit in 2020 and has seen a strong recovery after lockdown with sales up 12.2 per cent year-on-year from August to October, despite the coronavirus pandemic.
The company put its success down to its “ability to adapt to the changing landscape, alongside its people-centric approach to business”.
Mark Adlestone OBE DL, chairman of Beaverbrooks, said: “We’ve just had the six most profitable years in our history, which we’re delighted with, and without doubt provided a strong financial footing as we entered 2020.
“Last year was an important year for us as we celebrated our centenary, so to reach this milestone and achieve the many accolades awarded to the company during this period, is fantastic.
“We are immensely proud of what we achieved as a business in 2019/20, however no one could have predicted we would be facing a global pandemic in 2020, and the challenges this would bring for the sector as a whole.
“By respecting our heritage and values, staying true to our purpose, and adapting to the continually changing landscape, we’re seeing continued growth this year, so we’re optimistic about what the future will bring.”
Anna Blackburn, managing director at Beaverbrooks, added: “There is no doubt that our last financial year, the best in the company’s history, provided us with a strong foothold to get through 2020 and beyond.
“Despite the challenges we’ve faced this year, we’ve experienced positive trading across both stores and online which has put us in a strong position as we approach Q4.
“This demonstrates that business agility and continued investment in people and product can deliver sustained success.”
She said the company had to be “strategic” rather than make “knee-jerk” decisions.
“Our people-centric ethos has been absolutely vital for us, now more than ever before.
“Throughout the pandemic we’ve ensured all of our colleagues felt engaged with our business decisions and direction, and this level of engagement is now paying into the bottom line.”