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Fred Perry has revealed its profit-before-tax jumped 11.5% to £18.4m in the year ended 31 December 2023.
In its most recent filings to Companies House, the clothing and sportswear retailer, founded by the eponymous Wimbledon champion, revealed its turnover also jumped 10% to £154.1m as its European and and International business both saw improved performance.
Thanks to the performance the company has issued £90m in dividends, up from £6m the previous year.
Commenting on the figures, it said: “2023 built on the success of 2022 and showed a continued growth in revenue putting the group’s trajectory back in line with pre-Covid expectations and working alongside this was the strengthening of the gross margin.
“This was driven by the improvement in freight costs, amongst other factors, throughout 2023 and also the sales mix with growth in our key margin rich products. The year had its challenges with continued unpredictability in cost increases due to the continuing Russian invasion of Ukraine, rising inflation and interest rates on borrowing.”
It concluded: “…With the global cost pressures and uncertainty that still hang over from previous years, it is reassuring to see the results for the financial year are strong.
“We continue to manage costs to hold on to a healthy profit percentage and maintain a very strong net asset position with large cash reserves.”
