Leekes reports strong full-year results
Leekes Retail & Leisure Group has reported strong results for the year ending 31 March.
The group, which includes retail, leisure and property arms, saw its annual turnover increase by 7% year-on-year to £66 million while profit before tax and exceptional items reached nearly £850,000. EBITDA was £3 million – or 4.5% of turnover.
The retail division continued to be the strongest performing element of the group with sales rising by 4% across its department stores in Wales, the West Midlands and South West, to exceed £51 million.
During the year, the retail business opened a new a £6 million new store in Coventry and refurbished its existing Cross Hands store.
Never Miss a Retail Update!Emma Leeke, managing director of Leekes retail business, said: “Building a brand in a new geographical location requires significant investment both in the creation of industry-leading stores and also in its marketing.
“The substantial investment over the last few years and recent trading figures means the directors are confident of reaping the benefit of this in the medium term as we establish our brand as the leading independent home department store in the Midlands.
“The Bilston store performance has been further improved as it has benefited from the increased Midlands-focused marketing spend which has helped to increase turnover in the first eight months of 2013-14 by 15%. The store has continued to deliver year on year sales growth since its acquisition in 2009.
“The Coventry store, which opened mid-way through the financial year, also booked £1million of sales that will be delivered and therefore contribute to the 2013/14 year.”
Across the retail division, Leekes has seen sales growth of nearly 15% in the first eight months of this financial year.
The group has also reported pre-tax profit of £1.25 million for its Vale Resort Hotel & Golf Club, which is an increase of 19% on the previous year.
