// Turnover fell to £218 million from £242.8 million at Barbour but operating profit rose to £36.1 million from £35.1 million.
// The retailer is now planning further investment in technology and sustainability saying it’s confident in the long-term growth of the business
Barbour’s results for the year to the end of April revealed that the luxury fashion retailer’s revenues plunged during the period.
However there was good news too as the company remains profitable and also said its performance showed the “strength and resilience” of its brands, as well as the long-term validity of the firm’s business model.
Turnover fell to £218 million from £242.8 million however operating profit actually rose to £36.1 million from £35.1 million.
READ MORE: Barbour teams up with Paddington to highlight sustainability in its Christmas campaign
Pre-tax profit also rose to £36.3 million from £35.8 million and net profit for the year was £27.9 million, only slightly down from the £28.9 million of the previous year.
Despite its profitability, the revenue drop shows that the firm’s three brands — Barbour, Barbour International and the slightly younger Barbour Beacon that was launched in 2018 — suffered during the period as the pandemic significantly hampered sales.
The retailer said its operating profit figure represented “a steady performance”, as well as showing its financial resilience and ability to manage costs “closely and appropriately”.
It added that its balance sheet remains “relatively strong”, with cash held in the business reducing to £95.4 million, although this was only slightly down on the £97.4 million of the previous year.
This is important because it allows it to protect the things that matter like its customer service, it’s long-term objectives and partnerships, as well as allowing it to invest for the future.
Barbour is now planning further investment in technology and sustainability because, despite the current uncertainty and market contraction, it’s confident in the long-term growth of the business.
It sees huge opportunities around the world and said it continues to invest and grow in the European Economic Area, despite the challenges that Brexit has created.
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