// Timpson has raked in profits “way beyond” expectations, as it celebrates its record-breaking financial year
// The service retailer’s CEO said: “I’m delighted that our latest financial year has been our best ever”
Timpson is celebrating record results after its profits soared “way beyond” its expectations.
The cobbler and key cutters‘ pre-tax profits surged 66% to £40.6m in the 53 weeks to 1 October, 2022 as sales soared 40% to £297.4m.
The average number of staff employed by the company increased from 3,950 to 4,164 during the year, after it cut over 800 jobs the previous financial year amid what a “traumatic transformation”.
Timpson said: “Two and a half years after facing the daunting prospect of Covid, lockdowns and closed shops, I’m delighted that our latest financial year has been our best ever. Our profits of £40.7m are way beyond our expectations.
“Although the figures are flattered by a ’53rd week’ which brought in an extra £4.1m on a comparative basis, it is still a remarkable result achieved by a remarkable team.”
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Explaining how the end to the pandemic had helped the business, Timpson said the bounce back in its dry cleaning sales was “particularly pleasing”.
The firm said: “As more people return to the office, go to parties, weddings and restaurants and dress up after two years in tracksuits and trainers we can see our dry cleaning offer, supported by a comprehensive network of service hubs, doing well in the coming year.”
It continued: “Our photo business, Max Spielmann and Snappy Snaps, have also seen the benefits of life returning to normal. The weddings, parties and holidays have produced many more pictures to print and the return of overseas travel has led to record sales of passport photos.
“Our hospitality businesses have also been helped by the end of social distancing and a return of the social scene.”
Talking about the future, Timpson noted that although the directors expect the next year to be “a challenge for the retail environment”, they remain optimistic, expressing their positive outlook through continuous investment in new shops and store refit.
Click here to sign up to Retail Gazette‘s free daily email newsletter
