Studio Retail has reported that profit-before-tax skyrocketed 513% in its financial results for the year ended 26 March 2021.
The retail group revealed its plans to target a revenue of £1bn, after the online shopping firm posted profits of £41.7m, a rise from the £6.8m it posted in the previous period.
For the period, the group’s revenue also increased by 33% to £578.6m with adjusted pre-tax profit rising by 79% to £48.8m.
In addition, its active customer base reached “record levels” in the period, rising 35% to 2.5 million at March 2021, including 1.5 million with an active credit account, marking a year-on-year increase of 14%.
Paul Kendrick, Studio Retail’s chief executive, said: “The Covid-19 pandemic showed the resilience and agility of Studio, and we emerge from it a much stronger business.
“The changes over the last few years, to transform Studio into a digital value retailer with integrated financial services, meant we could react quickly to changing market conditions, and deliver record levels of growth in sales, profit and customer numbers.”
He added: “The success of the last year could not have been achieved without the
commitment and hard work of all our colleagues and I am proud of how they have strived through the year to deliver for our customers.
“The business has a clear growth strategy, fuelled by its digital capabilities, service enhancements, and ability to utilise data to drive better customer targeting, credit underwriting and product offers. All of this bodes well as we emerge from the pandemic and I am confident Studio can go from strength to strength and benefit all stakeholders.”