Beaverbrooks has reported record turnover for the financial year ending February 2024, accompanied by a decline in profit compared to the previous year.
The company’s turnover rose to £228.6 million, up from £225 million the previous year. However, operating profit dropped to £10.5 million from £25.7 million, primarily due to increased operating costs and substantial long-term investments.
Financial Performance and Investment Strategy
The decline in profit has been attributed to heightened operational costs and significant investments in the business’s growth and infrastructure. Beaverbrooks has continued to focus on expanding its store network and improving its service offerings. The company has invested over £15.3 million in refurbishing seven stores and opening new locations, including a second Loupe boutique in Croydon and five mono-brand boutiques, increasing its total number of outlets to 88 across the country.
Managing Director Anna Blackburn stated: “Despite a challenging marketplace, we are very proud of what we’ve achieved by maintaining a long-term view on investment that gives us confidence moving forward. Central to our success is our hard-working and engaged teams across the country and I am so proud that we have stayed true to our company culture, coming together and working so hard.”
Focus on People and Community
Beaverbrooks remains focused on its employee-first approach, which has been central to its operations for many years. This year, the company offered employees a Christmas bonus and maintained its policy of closing on Boxing Day. The company also supported team development with various training programmes.
“We know that 2024 has been a challenging year already, so it is more important than ever that we put profits back into optimising our business and investing in our people, product and infrastructure to ensure growth moving forward,” Blackburn added. “We are as focused, optimistic and ambitious as ever and as the industry faces more turbulent times ahead, we have everything we can in place to drive profitability and grow.”
Charitable Contributions and Ethical Commitment
Beaverbrooks has also continued its long-standing tradition of philanthropy through the Beaverbrooks Charitable Trust, donating over £2.34 million to charitable causes in the past year. This marks the highest proportion of annual profits the company has contributed to community support so far.
Chairman Mark Adlestone OBE remarked: “As a family-owned business, enriching lives and making positive changes to the world is in our DNA, and this is reflected in every decision we make as a company. I am very proud that we have been able to donate over £2.34m of profits to charities during these uncertain times, when they need it most. Remaining true to our culture and values, we will continue to invest in the business, our people and the communities we serve to futureproof the Beaverbrooks Group and its ongoing success.”
