Bonmarché sees 66% increase in profits in maiden results
Friday 13 June 2014
Bonmarché has reported a 66 per cent jump in annual profit in its first set of full-year results as a public company.
The over-fifties-focused chain, which floated last November at 200p a share, reported pre-tax profits to the end of March up 66.1 per cent to £8 million on sales of £164.3 million, ahead nearly 12 per cent on last year.
Chief executive Beth Butterwick said it had increased its market share of the “women’s value sector” by 14 per cent, to 3.2 per cent.
A new website has boosted its performance with online sales soaring 84%. The group plans five new stores and up to new 20 concessions in the coming year.
Kate Calvert, analyst at Investec, said: “Having already delivered an upgrade since its [flotation] , the full-year 2014 pre-tax profit was £100,000 better than expected and completes a successful first year as a listed company.”
The shares rose 1p to 284.5p, up more than 42 per cent on its float price. The strong results are a significant improvement. In January 2012 it was rescued by private-equity group Sun European Partners after it went into administration.
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