Barbour saw operating profits jump from £34.3 million to £39.5 million in the year to 30 April 2024, a 15% increase from the previous year.
The South Tyneside-based business, founded in 1894 and famed for its iconic wax jackets, had effective cost-saving measures and foreign exchange rates to thank for its success, amid what it described as “relentless” cost and pricing pressures.
In fact, turnover took a 6% tumble from the previous year’s “record” figures, from £343 million to £322 million. Barbour attributed the dip to a “challenging” wholesale market and increased costs.
Overall income for the year was £34.1 million, increasing from £28.8 million in the year prior, and its cash rose to £119.7 million from £106.4 million. Employee numbers also rose from 1,132 to 1,175.
During the year, Barbour launched a base in Singapore to demonstrate its commitment to the Asia-Pacific market.
A report within the account, signed by Chair Dame Margaret Barbour, said: “Asia-Pacific (APAC) is an increasingly important market for our brands. We continue to invest in technology and logistics to best service our brand partners and customers in this area of the world whilst retaining brand heritage and core values. During the year we opened a Singapore operation to ensure demand is met in this market more effectively.”
Barbour Group Managing Director Steve Buck said in response to the accounts: “Twelve months ago, we anticipated that global markets would be very challenging and made the decision to focus on high-quality, profitable sales.
“This strategy has worked very well in generating strong demand for the brand with increased efficiency and profits. This approach is very much in line with the long-term view taken by the business.”
He added: “While demand for our brands has remained strong, there has been a general retraction in the UK wholesale market with several major retail and e-commerce closures. We have worked closely with all of our wholesale partners to focus on building quality, profitable sales during this time. This strategy has also set the brand up very well for future growth, which we are already beginning to see.”
