High Street

Hobbycraft revenues exceed £100m in full year results

Arts and crafts retailer Hobbycraft has reported a 5.4% increase in total revenue to £177.7m for the year ending 17 February 2019.

The increase was driven by “strong” e-commerce growth of 22.7% during the period, and adjusted EBITDA also increased by 27.8% from £9.5m to £12.2m. Five new stores also opened during the year bringing total store portfolio as at year end to 94.

The retailer said that while it expects the retail environment to “remain challenging”, it is “well placed” to continue to execute it growth plans, and added its initial trading in the first quarter of this year is ahead of the previous year.

Hobbycraft chief executive, Dominic Jordan, said: “We are pleased with our performance and how our offer has improved over the past year. We continue to pursue our plans for multi-channel growth as we target our strategy to improve the broader appeal of our brand.

“This is being achieved through leveraging our broad product range which meets the needs of core hobbyists, families and everyday makers, with a continued focus on delivering value to our customers.”

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