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Radley turnover leaps as EBITDA falls

Turnover at British handbag brand Radley rose by 9.2% to £73.3m but investment hit its bottom line. 

International sales grew by 47.5% to £10.5m in the year ended 30 April 2017, as the company opened concessions in 50 new Macy’s stores in the US, which it said performed “exceptionally well”.

Global ecommerce sales were up 13.4% to £11m in the period while during the six-week run up to 31 December, total sales were up 9%. 

However, EBITDA fell by 39% to £3.4m, due to “a series of one-off costs and future investment initiatives” during the year.

It added that this “impacted profitability but was necessary to position the business for continued growth and internationalisation”.

Chief executive of Radley, Justin Stead, said: “As we have invested significantly during this year, [we have] laid the ground work for exceptional EBITDA growth in 2018 and beyond.

“The reduced profitability was anticipated given the significant investments to reposition the company for growth following the change of ownership in June 2016.”

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