Austrian lingerie brand Wolford has cut its losses by a third after engaging in a restructuring programme.
Revenues fell from €154.3m (£137.5m) in 2016/17 to €149.07m (£132.9m) in 2017/18, but losses before tax stood at €11.4m (£10.2m), down from €16.57m (£14.77m).
Staff costs fell by €6.35m (£5.6m) to €68.8m (£61.4m), as Wolford cut 111 employees, bringing the headcount down to 1,433.
Cash in hand rose to €1.83m (£1.63m) from a shortfall of €9.45m (£8.42m) the previous year, mainly as a result of the reduction in working capital.
In a statement Wolford said: “The company stands to benefit from the corresponding cost savings on a sustainable basis. Other operating expenses also decreased in the past financial year
“Wolford will be investing above all in digitising its business in the current financial year, and especially in expanding its online business and digital marketing aimed at younger target groups. This also includes the planned expansion in the company’s co-operation with global and national online retail partners. Wolford plans to systematically expand its business in Asia.”
Fosun Industrial Holdings announced plans to acquire a 50.9% stake in the business in March, comprising 2.5 million shares from Wolford’s main shareholders at €12.80 (£11.40) per share.