Boodles FY20 turnover falls 4%

Boodles, the luxurious jeweller and jewelry designer, noticed turnover fall 4% year-on-year to £74m for the yr ended 29 February 2020.

Working revenue for the interval additionally declined from £10.9m in FY19 to £7.21m in FY20, because of “greater bills and barely decrease gross sales”.

The group claimed that because of ongoing Covid-19 restrictions it expects FY21 revenues to take a seat 30% decrease than the earlier 12 months.

Nevertheless, it added that because of bills additionally falling roughly 40% year-on-year in FY21, it “expects to make a good revenue” through the interval.

Boodles did improve its liquidity through the pre-pandemic interval, with web belongings rising from £62m to £64.4m.

Michael Wainwright, director at Boodles, mentioned: “For the reason that yr finish the corporate has been pressured to shut its doorways for round 4 months on and off as a result of Covid-19 pandemic.

“Nevertheless, gross sales have proved extraordinarily resilient as a result of buyer relationships Boodles has constructed up over a few years and the model it has created.”

He added: “Bills within the interval are additionally a lot decrease. The yr ending 28 February 2021 ought to nonetheless present good revenue with a really robust liquidity place.”

Written by colin

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