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Aspinal of London falls further into the red

Accessories label Aspinal of London has reported an 11% year-on-year rise in turnover to £35m for the year to 31 March 2019. 

However, losses before tax doubled to £4.4m, from a loss of £2.2m the year before. Operating losses rose to £4m, compared with a loss of £1.7m in 2017/18. 

Gross profits for the period were up 6% to £18.9m. Aspinal reported an adjusted EBITDA loss of £1.4m, compared with a positive EBITDA of £200,000 in the 2017/18 financial year. This was a result of the implementation of an enterprise resource planning system, which the company said “will have no further impact in future periods”. 

Aspinal said it made “significant progress” in implementing key strategies during the year. These include delivering continued growth across retail, wholesale, ecommerce (which makes up 10% of total turnover) and franchise channels. It also opened new stores in the Dubai Mall in the Middle East and at the Icon Outlet at the O2 in London. It said it also invested in its management team, business systems and infrastructure to ensure it is “positioned” for further growth. 

Meanwhile, bosses have hired investment bank Houlihan Lokey to explore funding options as they seek to bankroll rapid international expansion. Funding for the next five years should be agreed during the first half of 2020.

The company also plans to introduce its largest UK concession, at Harrods in London May. In addition to around 20 stores across the UK, Aspinal has five international shops. 

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