Boodles FY20 turnover falls 4%

Boodles, the luxury jeweller and jewellery designer, saw turnover fall 4% year-on-year to £74m for the year ended 29 February 2020.

Operating profit for the period also declined from £10.9m in FY19 to £7.21m in FY20, as a result of “higher expenses and slightly lower sales”.

The group claimed that due to ongoing Covid-19 restrictions it expects FY21 revenues to sit 30% lower than the previous 12 months.

However, it added that due to expenses also falling approximately 40% year-on-year in FY21, it “expects to make a decent profit” during the period.

Boodles did increase its liquidity during the pre-pandemic period, with net assets growing from £62m to £64.4m.

Michael Wainwright, director at Boodles, said: “Since the year end the company has been forced to close its doors for around four months on and off due to the Covid-19 pandemic.

“However, sales have proved extremely resilient due to the customer relationships Boodles has built up over many years and the brand it has created.”

He added: “Expenses in the period are also much lower. The year ending 28 February 2021 should still show good profit with a very strong liquidity position.”

source https://www.jewelleryfocus.co.uk/198991-boodles-fy20-turnover-falls-4