Beaverbrooks margins rise but revenue falls

UK jeweller Beaverbrooks has filed its accounts for the year to 1 March and they show a revenue decline, although it was partly accounted for by the previous year including 53 weeks rather than 52 for the latest period. It also said the gross margin increased but it swung to a loss.

Turnover at the family-owned firm dropped to £217.3 million from £228.65 million, and gross profit dipped to £24.69 million from £25.74 million. The gross profit margin was 11.36%, up from 11.26%.

The company said operating profit before discretionary payments was £6.9 million, down from £11 million. Those discretionary payments included performance-related remuneration and contributions to charity with operating profit after them down to £1 million from £1.59 million.

Profit before tax was £0.34 million, down from £1 million and with the impact of tax on that figure, the net loss for the period was £0.79 million, after the company had been marginally profitable the year before.

The firm said its directors were satisfied with its performance in a period during which its customers, colleagues and suppliers were all “significantly impacted” by the rising cost of living in the UK and the effect of geopolitical uncertainty on costs in the supply chain.

Beaverbrooks continued strategic marketing and investment in its stores during the period, including the opening of its third Loupe boutique in Preston.