Oliver Bonas’ financial report is “brighter” as revenues jump

British fashion and homeware retailer, Oliver Bonas, has revealed a boost in profits for the full year ending 31 December 2022.

According to a report filed on Companies House, Oliver Bonas’ pre-tax profit stood at £9.07 million, up from £7.49 million the year prior.

Despite rising inflation and the cost of living crisis, as well as the effects of the Ukraine war, sales "remained resilient". The company recorded positive like-for-like sales growth for the year and turnover and profits before tax increased by 23% and 21%.

For the fiscal year, sales reached a strong £115.03 million, up from £92.88 million the year prior. The majority of revenues were made up of UK purchases. This geographical location reported £112.10 million in sales, whereas Europe saw £2.4 million in sales and the rest of the world saw £521,460 in sales.

Looking ahead, "things are slightly brighter". Energy prices have fallen steeply, and the economy has proven more resilient than predicted. In addition, the pound has recovered somewhat and this should help reduce import prices, further pushing down inflation.

Moving forward, the company will continue with its store opening programme through a mixture of new stores and relocations. For example, Oliver Bonas opened a new 4,500 sq ft store at 15-17 Gordon Street in Glasgow on 9 September. In addition, there will be a continued focus on ecommerce.