Aspinal of London upbeat as sales rise, digital-first focus pays off
Aspinal of London Limited’s results for the year to the end of last March showed the company bouncing back from the pandemic — and from its pre-Covid woes — as sales across the business grew by 29% from £23.1 million in FY21 to reach £29.8 million in the latest reporting year.
That helped the luxury leather goods maker achieve an adjusted EBITDA figure for FY22 of £5.5 million, a healthy uplift of 57% compared to the £3.5 million achieved in the previous year. Gross profit was £17.9 million, up from £12.2 million, and profit before tax was £3.7 million, although this was down from £4.1 million in FY21
Net profit at the business was £5.4 million compared to £4.3 million in the previous period.
The company has been through a bruising period in recent years that led it to close most of its stores and transform itself into a mainly-online operation. But it appears to be on a growth trajectory now and said it will continue to pursue its domestic and international e-commerce growth strategy.
It said the financial year in question saw its successful transformation into a profitable, cash-generative business with most sales being generated through online channels, which makes the digital-first strategy completely understandable.
However, it will support online and brand development by operating physical retail stores in key strategic locations. It has a Regent Street flagship in London, for instance, as well as a store at Royal Exchange in the City and concessions in Harrods and Selfridges.
And management appears to be pretty upbeat despite the cost-of-living crisis, saying that it believes the company can face the future “with a strong sense of confidence and optimism”.
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