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Sandra Halliday Published
January 2, 2025
Barbour — or to give it its full name, J Barbour & Sons Limited — said the year to the end of April saw higher revenue but lower profit.
Turnover rose to £343.1 million from £286.5 million although the cost of sales also jumped significantly. Gross profit was £149.4 million, up from £128.8 million, but operating profit dropped to £34.3 million from £40.3 million. This meant profit before tax was down to £36.3 million from £40.5 million, and net profit for the financial year fell to £28.1 million from £33.8 million.
That said, the company explained that it continued its recovery from the pandemic (it was the first full year in which the pandemic wasn't a major factor) and the £6 million reduction in operating profit was because the previous year had included the sale of property. On a Like-for-like basis, operating profit was only down by £0.8 million.
Barbour said that its performance showed the continued strength and resilience of its brand relative to the market, as well as the trust of its customers. But it also illustrated how, “in a post-Covid world, the uncertainty and economic challenge presented by the cost-of-living crisis and war in the Ukraine” meant there were “numerous challenges to margins across all channels and markets”.
The company said that it didn't increase its prices in line with the cost increases it saw and that navigating profitability has been a challenge in the uncertain and competitive global market.
The brand is distributed globally, operating directly in the UK and Ireland and through wholly-owned subsidiaries based in Germany and the US. It also has exclusive and well-established distributor partnerships giving it access to other major international markets.
Despite the challenges of recent years, its balance sheet remains strong with cash held in the business adding up to more than £106 million compared to under £59 million in the previous year. This enables it to focus on its long-term investments and priorities while protecting customer service, sustainability and more.
The company said it's continuing to look at building long-term relationships internationally and expanding its commercial reach, although it's cautious with every step that it takes at present.