Online sex toy retailer Lovehoney have posted huge sales in 2016, with profits rising nearly 70 per cent.
In the 12 months to March 2016, Lovehoney saw its pre-tax profits hit £5.1 million rocketing 68 per cent, while its turnover grew by 29 per cent to £58 million.
According to the retailer the release of 50 Shades of Grey last year saw many couples purchasing sex toys for the first time, prompting a surge in sales which has continued ever since. They have plans to capitalise on the franchise, releasing two new ranges of products to coincide with 2017’s sequel.
The Bath based company’s co-owner Richard Longhurst assured that Lovehoney is in a strong position to weather the looming Brexit storm, stating: “people were having sex before Brexit, and people are having sex after Brexit”.
“Brexit hasn’t put people off having sex. After the result, some people might need cheering up and others might be celebrating.
“The only effect we have seen is in currency, but having international operations is a natural hedge. We feel confident that the business will continue to thrive.”
“During the financial crisis in 2008, sales continued to grow. When budgets are tight, people still want to enjoy themselves – and for £20 or £30, with one of our products, they can have many nights of fun,” he said.