Annual profits

Booths Sees Full Year Profits Rise, But CEO Warns of Looming Cost of Living Impacts | New

Booths recorded a full-year sales increase of 4.4% to £296.7m in the year to 2 April 2022 (up £12.6m from 284 £.1m the previous year) due to a return of regular post Covid business models as well as a record breaking Christmas season in 2021.

Pre-tax profit fell from £1.9m to £3m, while EBITDA increased by £1.4m to £13.3m (from £11.9m). pounds sterling in 2021).

The retailer said the continued effects of the pandemic could still be seen over the past 12 months of “extraordinary profitability”, which it did not expect to continue “at these levels” over the next the current exercise.

The increase in footfall and baskets spent has contributed to increased sales and profits for the business. Last year’s Christmas period was particularly important for the company, with sales up 6.5% in the three-week trading period to January 1, 2022 compared to the same period last year. former.

Booths said in its latest financial accounts that business models in 2021 were “mixed” due to government-mandated closures, which affected cafe operations throughout the year.

However, a rebound in performance from its Lake District stores once domestic travel restrictions eased helped boost sales.

Although optimistic about the annual results, CEO Edwin Booth warned of impending difficulties for the family business as inflationary pressures mounted.

“Just like with the advent of the pandemic, we are in the process of recognizing difficulties and resolving them quickly as they arise,” he said.

“I doubt the company’s financial performance will not be as extraordinary as it has been over the past two years. However, we will take every opportunity to provide Booths customers with the best value possible and will ensure that we take care both from their palates and their pockets.

He added that Booths has seen a reduction in sales volume since the cost of living crisis began to escalate earlier this year, and is “keeping a very close eye on the volume gap and retail sales values”.

“Furthermore, the board was quick to determine actions to mitigate costs in a way that protects the intrinsic value of the Booths offering.”