Household-owned nationwide jewelry retailer, Beaverbrooks, has introduced its group turnover for the monetary 12 months 2020/2021 was £123.1m, down solely 14% from £143.2m towards 2019/20 ranges which was the model’s most worthwhile 12 months of its 102-year historical past.
Following “vital investments”, Beaverbrooks ended the monetary 12 months with a bunch working revenue of £16.3m in comparison with £17m in 2020.
Moreover, the jewelry firm noticed a gross revenue margin of 15.1% in comparison with 18.4% in 2020.
Beaverbrooks stated the discount within the general margin was “considerably influenced” by the enlargement of its e-commerce providing throughout the 12 months. The corporate additionally stated it is a “pleasing consequence” towards a “difficult backdrop” of retail and high-street closures.
All through the pandemic, the jeweller’s 71 shops have been unable to commerce for six months as a consequence of nationwide lockdowns, however the retailer was capable of keep “a robust monetary footing and roles for all colleagues”, with no redundancies made throughout the whole pandemic.
The retailer chalked its “profitable dealing with” of the pandemic 12 months right down to a “people-centric method to enterprise that put the protection of colleagues and clients first, protected jobs and incomes, and safeguarded the way forward for the corporate”.
The enterprise obtained Authorities backed Covid-19 enterprise assist throughout the monetary 12 months. Beaverbrooks stated this help ensured it was capable of assist its individuals, retaining jobs for over 960 colleagues.
Anna Blackburn, managing director of Beaverbrooks, stated: “There’s little doubt that 2020 was a difficult 12 months for the sector, so to come back out the opposite facet in such a robust monetary place is one thing we’re extremely pleased with as a enterprise.
“For us, it was all about adapting to the altering panorama and making certain we put the protection of our individuals and clients as our primary precedence. It’s no secret that the retail trade was hit exhausting by the pandemic, so we’re delighted to have retained such a robust degree of revenue regardless of our 71 shops being closed for half of the buying and selling 12 months.”
Mark Adlestone OBE DL, chairman of Beaverbrooks, stated: “A people-first ethos has all the time been on the coronary heart of our enterprise, and this was extra vital than ever throughout a 12 months the place our buying and selling selections have been considerably influenced by the Covid-19 pandemic.
“Staying true to our function and being agile in our enterprise selections and route, meant we have been capable of navigate a 12 months of retailer closures and restrictions with an engaged workforce, zero redundancies, making certain households have been supported throughout this troublesome time, and wholesome ranges of revenue to proceed to reinvest in our enterprise.”