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Boodles, the posh jeweller and jewelry designer, noticed turnover fall four% 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, on account of “increased bills and barely decrease gross sales”.
The group claimed that attributable to ongoing Covid-19 restrictions it expects FY21 revenues to take a seat 30% decrease than the earlier 12 months.
Nevertheless, it added that attributable to bills additionally falling roughly 40% year-on-year in FY21, it “expects to make an honest revenue” throughout the interval.
Boodles did enhance its liquidity throughout the pre-pandemic interval, with web belongings rising from £62m to £64.4m.
Michael Wainwright, director at Boodles, stated: “Because the yr finish the corporate has been compelled 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.”
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