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Pringle of Scotland records ongoing losses

Pringle of Scotland made a £4.9m pre-tax loss in the year ended 28 January 2017 as it continues to struggle to turn a profit.

Blaming the loss on its investment in the long-term development of the brand, this was nonetheless a better performance for Pringle than last year when it recorded a £5.09m loss.

Turnover rose to £5m from £4.4m in 2016, and it has received £2.8m in further funding from its parent company subsequent to the period’s end.

On its full accounts for the year filed with Companies House, the brand stated that the directors are “satisfied with the financial position and future prospects of the company and with the ongoing financial support from the immediate parent company necessary for the company’s continued strategic investment”.

It added: “The directors are not expecting to report operating profits in the short term, but are satisfied that the development of the brand and of the business are progressing in line with their long-term strategic objectives.”

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