Aspinal of London upbeat as sales rise, digital-first focus pays off

By

Sandra Halliday

Published
Jan 6, 2023

Aspinal of London Limited’s results for the year to the end of last March showed the company bouncing back from the pandemic — and from its pre-Covid woes — as sales across the business grew by 29% from £23.1 million in FY21 to reach £29.8 million in the latest reporting year.

That helped the luxury leather goods maker achieve an adjusted EBITDA figure for FY22 of £5.5 million, a healthy uplift of 57% compared to the £3.5 million achieved in the previous year. Gross profit was £17.9 million, up from £12.2 million, and profit before tax was £3.7 million, although this was down from £4.1 million in FY21

Net profit at the business was £5.4 million compared to £4.3 million in the previous period.

The company has been through a bruising period in recent years that led it to close most of its stores and transform itself into a mainly-online operation. But it appears to be on a growth trajectory now and said it will continue to pursue its domestic and international e-commerce growth strategy. 

It said the financial year in question saw its successful transformation into a profitable, cash-generative business with most sales being generated through online channels, which makes the digital-first strategy completely understandable.

However, it will support online and brand development by operating physical retail stores in key strategic locations. It has a Regent Street flagship in London, for instance, as well as a store at Royal Exchange in the City and concessions in Harrods and Selfridges.

And management appears to be pretty upbeat despite the cost-of-living crisis, saying that it believes the company can face the future “with a strong sense of confidence and optimism”.