EBTM, the online retailer of music inspired fashion, has move into the black for the first time since its launch, posting operating profit of £903,000 for the year ended April 30.
EBTM saw revenue climb 401% to £6.7 million for the period, boosted by last year’s acquisition of the accessories brand Lowlife and clothing brand Atticus. EBTM has used the acquisitions to develop an own brand offering with higher margins and also acquired a wholesale business in Spain with the purchase of Lowlife.
EBTM said its wholesale business accounted for 73% of group revenue. Some 66% of wholesale sales over the year were to UK retailers.
EBTM chief executive Richard Breeden said: “This year has been transformational for EBTM. We have seen strong growth from both our original online business and the acquisitions made early in the year. The acquired business brought ownership of two well established “own brands” as well as the ability to create and source new exclusive lines for our online operation. Own brand sales, which enhance our margins, made up over 30% of online sales compared with virtually none last year and we will focus on their continued growth across the group. The outlook for our business remains positive as online retailing is predicted to continue to grow rapidly.”
Separately, EBTM has appointed Stephen Marks Walters as chief operating officer with immediate effect. Walters has more than 20 years experience in the retail sector. He has previously worked at Dolcis, Jaeger and the Early Learning Centre.