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Profits edge up at Oliver Bonas in year of 'significant' investment

Pre-tax profit at Oliver Bonas edged up by 2.8% to £4.2m in the year to 31 December 2017, compared with the previous year.

EBITDA rose 7.6% off the back of a 22% increase in turnover to £61.1m. Oliver Bonas said this was “somewhat disappointing”, but added that 2017 was a “year of significant internal investment that should bear fruit over time”.

It blamed a “disappointing” fall in EBITDA margin on the weakness of sterling and continued investment in various parts of the business.

Operating profit was down 0.6% to £4.4m.

Like-for-like sales rose by 11.6%. The traditionally London-focused brand open 11 new stores during the year, 10 of which were outside the capital. It opened its first store in Wales and second in Northern Ireland.

Two stores closed when their leases ended.

Further warehousing and office spaces were opened, which quadrupled its online fulfilment capacity.

Oliver Bonas said it made a “major investment” in ecommerce during the year, opening dedicated websites in Ireland and the US. 

 

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