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Beaverbrooks reports annual turnover rise of 12.4%

Beaverbrooks has released its latest financial statement for the full year to 29 February 2020, which saw its annual turnover increase 12.4% to £143.2m from £127.4m last year, reflecting the sixth consecutive year of growth for the organisation.

During the same period, the jewellery company also reported its operating profit rose to £17.2m from £12.8m last year.

The firm’s gross profit margins increased to 18.4% from 16.4% last year, which was attributed to the careful management of costs across the business. As a result, 2019 was reportedly the “biggest year” in Beaverbrooks’ 101-year history, achieving in aggregate the six “most profitable years in its history”.

Despite the ongoing impact of Covid-19, the retailer said it expects to “retain strong levels of profit” in 2020.

The group has reported a “strong” recovery since lockdown, with sales up 12.2% year-on-year from August to October, which the firm said was due 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.”

As part of its mission to “enrich lives”, Beaverbrooks said it has donated 20% of the retained profits to charity, with £1.78m already given in the financial year as well as £63,090 from the Workplace Payroll Giving scheme.

The group said it also matched the net donation by the company of £110,134. Since the year 2000, the company has donated in excess of £15m to over 750 charities.

The company also received the Diamond Award from the HM Government & Institute for Fundraising for its Payroll Giving, the 9th consecutive year of recognition for its commitment to payroll giving.

The firm revealed that 47% of its employees were involved in Workplace Giving at the year-end; against a national average of 7%.

Anna Blackburn, managing director at Beaverbrooks, said: “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.

“At the beginning of the pandemic, we knew that the way we responded would define our next chapter – we had to be strategic in our approach instead of making knee jerk reactions.”

She added: “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.”

 

 

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