Full-year pre-tax profits surged 86% to £2.19m at Oliver Bonas as the fashion, homeware and gifts retailer continued to invest in its in-house range.
Oliver Bonas, which has 42 stores across London, said sales increased to £30.27m in the 12 months to 30 November 2014, up from £23.26m the year before.
Like-for-like sales increased 9% during the period, according to accounts published on Companies House.
Despite the storming profits, a statement from Oliver Bonas said the company “did not achieve its own targets for profitability over the year”. However, it still described the rise in profits as “commendable”.
During the period, the retailer said it had continued to invest in its in-house range, adding that this would be the “cornerstone” of its future strategy. The retailer rolled out a new website in the final quarter of 2014. It also opened five stores and closed two others during the year.
In a statement Oliver Bonas said it was optimistic about the year ahead. “We are confident that 2015 will show further growth both in sales and profitability.”
“The economy continues to recover, although the rapid growth has slowed somewhat. There is still much to do for policymakers before the economy is said to be fully back on track and public finances “in shape”. However, economically the world does not look as dark a place as it did in 2009 and the outlook looks mildly supportive.”