Paul Smith defies gloomy trend as profits leap 36 per cent
Paul Smith shrugged off the downturn in the UK and the Japanese tsunami to increase its profits by more than a third in the past year.
But the fashion company, founded by the designer Sir Paul Smith in 1970, scaled back its dividend payment to just £309,000 in the year to 30 June. This followed a bumper £3.45m payout in 2010.
Its more conservative dividend reflected increased capital expenditure, including on new stores worldwide as well as on distribution and IT in Nottingham.
Paul Smith's pre-tax profits rose by 36 per cent to £34.1m in the year to June on turnover up 12 per cent at £196m.
The company – which has 21 standalone UK shops and 132 overseas – boasted its wholesale business had "surpassed order levels achieved before the downturn". It even grew its Japanese licensing income by 5 per cent, despite a "very difficult" year with the tsunami in March.
Sir Paul sold a 40 per cent stake to a Japanese licensee, Itochu, in 2006 but retained control.
He also remains its designer and chairman and was knighted in 2000. He and his wife are worth an estimated £260m.
- 1 Al Pacino on suffering from depression: 'It can last and it's terrifying'
- 2 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked photo leak
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Ariana Grande nude photos leak: Pictures are completely fake, say singer's representatives
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£600 - £800 per day: Harrington Starr: Power & Gas Business Analyst/Subject Ma...
£600 - £900 per day: Harrington Starr: Infrastructure Lead, (Trading infrastru...
£35000 - £38000 per annum + benefits: Ashdown Group: A highly successful, glob...
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...