French Connection’s board took home £1.18m last year, an increase of £279,000 in the previous 12 months.
In its financial report for the full year 2013/14, published this week, French Connection revealed that chairman and chief executive Stephen Marks received a total of £402,000, a £50,000 increase from the year before, while operations director Neil Williams’ pay rose by £43,000 to £305,000.
Incoming group finance director Adam Castleton has taken up the position on a salary of £166,000, replacing Roy Naismith who left the role a year ago. Naismith received a total of £188,000 upon stepping down.
French Connection is in a turnaround period following a difficult time, culminating in the loss of £7.2m in the 12 months to the end of January 2013.
In its latest results the retailer revealed a weak first half of the year followed by a much stronger six months in which it made a profit of £1.7m, shaving is overall losses down to £4.4m for the year.
As part of the ongoing turnaround plan at French Connection the board has urged shareholders not to take a dividend for the year, and will make the same case at the company’s AGM on May 15. In the report a statement by the directors said that the priority was in “retaining current cash reserves to support the turnaround of the business”.