Late Fred Perry results show strong recovery

By

Sandra Halliday

Published
Mar 10, 2023

Fred Perry has finally filed its accounts for the 2021 financial year and said that despite pandemic-linked issues, the figures were “strong”.

The company had filed its last set of results over 15 months ago and the business had seen a compulsory strike-off notice filed by the Registrar of Companies two days before the latest accounts were filed. This has now been withdrawn.

As for the figures, the main unit that focuses on wholesale and retail in the UK and abroad — Fred Perry Limited — said its revenue increased 10.4% year-on-year to reach £112.4 million. Revenue rose as restrictions were eased beginning in the second quarter and customers returned to its stores in good numbers. 

Gross profit rose to £55.9 million from £48.7 million with a gross margin percentage of 49.7%, up from 47.8%. This was despite rising freight costs and came as it saw an improved sales mix.

The company’s pre-tax profit was up to £11.7 million from £7 million a year earlier and net profit rose to £9.4 million from £5.2 million.

Meanwhile, Fred Perry (Holdings) Limited — which owns and manages the trademarks of the Fred Perry and Lavenham brands, and also acquired George Cox early in 2021 — reported similar figures.

Revenue rose to £115.6 million from £104.7 million and gross profit rose to £56.6 million from £49.7 million. The gross margin percentage was 49%, up from 47.5%. 

Pre-tax profit was £10.4 million, up from £8.3 million and net profit rose £8.3 million, a rise compared to £6 million in the previous year.

George Cox Limited was acquired in February 2021. Its principle activity is the manufacture, retail and export of footwear, and the company said its acquisition further deepens Fred Perry’s “subcultural roots". The brand has a history of collaborations with its new owner.