Barbour results reflect "complex market" as revenues rise but profits take a hit

Heritage outerwear brand Barbour has reported growing revenues for the year ending 30 April 2023, despite still seeing the effects of "the impact of covid aftermath in [its] supply chain".

During the financial year 2022-23, revenues increased by £56.5 million. This follows a £68.6 million increase the year prior as the business recovered from the immediate impact of Covid-19 experienced during 2020-21. Turnover increased from £286.6 million to £343.1 million, up by 19.7%.

However, on the flip side, operating profit decreased to £6 million, while post-tax profit sat at £28.1 million. This represents Barbour's financial resilience during a "challenging macroeconomic climate".

Barbour also revealed the following results:

• Gross profit decreased to 43.6% (2022: 45%)
• Operating profit decreased to 10.0% (2022: 14.1%)
• Cash increased to £106.4 million (2022: £58.4 million)
• Stocks increased to £76.6 million (2022: £63.8 million)

Despite the challenges of the pandemic, the balance sheet remains strong, with cash held in the business of £106.4 million, compared to £58.4 million the year prior.

Barbour noted on the Companies House filing: "Our long-term strategy remains consistent and relevant, dedicated to the vision of being recognised as a trusted and leading British global lifestyle brand with distribution channels via wholesale, retail, ecommerce and licensing."

"We always strive to deliver excellent service, remain steadfast in our commitment to the heritage and ethics of our brand, supporting sustainable recovery and long-term growth in line with our vision and values."

This follows November 2023's news that the heritage brand promoted Paul Wilkinson to the new role of Deputy Group Managing Director and Group Commercial Director and Neil Parker as Managing Director of Global Distributors.