British knitwear brand John Smedley has turned its financial fortunes around, posting a pre-tax operating profit of £156,425 for the 15 months to March 31.
This represents a dramatic improvement on the previous reporting period, when the brand made a pre-tax loss of £1.8m over the 2010 calendar year. Turnover for the 15 month period was £18.9m, compared with £15.6m.
The business was brought back on track thanks to widespread cost reductions - including some redundancies - and improvements in overall efficiencies.
Chairman Charles Marsden-Smedley said: “Having steadied the ship, we are now actively involved in finding ways to achieve our next goal - to create a model of sustainable profit.”
The extended reporting period reflects a shift in the brand’s financial calendar.