Belstaff reports higher turnover but one-offs mean losses widen

Belstaff reports higher turnover but one-offs mean losses widen

2024 is the 100th anniversary year of the Belstaff brand and the company has kicked off the year by… filing its accounts. OK, that may not be quite the spectacular all singing, all dancing kind of event we might expect further on in this birthday year, but there was some good news in the filing, albeit along with some bad.


The bad news first. The accounts highlighted how dependent the brand is on its owner, billionaire Sir Jim Ratcliffe’s INEOS. They included the news that there’s a “material uncertainty” around its ability to continue as a going concern, and that it needs further “financial support” to continue. There’s no formal agreement in place on this front, although INEOS has clearly been supportive so far, having owned the firm since 2017.

The accounts cover the full year to the end of December 2022 and saw turnover rising to £59.7 million, an increase of 18.9%. And the company said it saw strong growth across its business, including wholesale and retail stores. Gross profit for the year was £11.8 million compared to £8.7 million 12 months earlier.


Back with the bad news, operating losses increased by £9.6 million to £14.2 million. This was due to a £15.5 million movement in exchange differences, mainly linked to the revaluation of inter-company loans. It meant the pre-tax and net losses widened to £28.8 million from £16.6 million. But underlying EBITDA excluding those exchange differences — which gives a better picture of how the business is performing — did at least see losses narrowing from £11.3 million to £5.8 million.

The company said its main objective is to grow both revenue and profitability, which begins with a renewed focus on brand image and heritage.

This has been supported with a refreshed visual identity, new product categories and new technical fabrics.

It also introduced a new retail concept at its Regent Street Flagship in London during the year in question, “which puts a modern lens on Belstaff’s motoring heritage”.


And it added that the existing store portfolio is being refurbished in line with the new design “while new opportunities are identified in strategic brand-relevant locations”.

The wholesale customer portfolio is also being constantly monitored to ensure that it forges strong brand partnerships “that are consistent with this image, while also raising market awareness and maximising returns”.

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