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Studio profits rise 513% in “transformational year”

// Studio profit before tax rises 513% to £41.7m
// In the 52 weeks ending March 26, revenue increased 33% to £578.6m
// Active customer base increased 35% to 2.5m

Studio has seen its profit before tax rise by a colossal 513 per cent to £41.7 million, in a “transformational year”.

In the 52 weeks ending March 26, revenue at the online retailer increased 33 per cent to £578.6 million, compared to £434.9 million last year.

Adjusted profit before tax from continuing operations was £48.8 million, up 79 per cent from £27.3 million last year.

READ MORE: Studio sales rise 88% but fails to find buyer

Its core net debt was reduced by £24.3 million to £27.6 million.

In April, the group launched a strategic review and sold Findel Education for £30 million.

It recently completed a refinancing of the group’s £50 million core bank facility with a new maturity date of September 2024, providing a medium-term liquidity platform for growth.

Active customer base was at record levels, increasing by 35 per cent to 2.5 million in March, 15 per cent of which had an active credit account – a 14 per cent year-on-year increase.

“The Covid 19 pandemic showed the resilience and agility of Studio, and we emerge from it a much stronger business,” Studio chief executive Paul Kendrick said.

“The changes over the last few years, to transform Studio into a digital value retailer with integrated financial services, meant we could react quickly to changing market conditions, and deliver record levels of growth in sales, profit and customer numbers.

“The success of the last year could not have been achieved without the commitment and hard work of all our colleagues and I am proud of how they have strived through the year to deliver for our customers.

“With the strong performance last year, and having sold the Findel Education business, Studio is in a stronger financial position and is now focused on pushing forward with a well-defined purpose that delivers great value, affordable products for our customers.

“The business has a clear growth strategy, fueled by its digital capabilities, service enhancements, and ability to utilise data to drive better customer targeting, credit underwriting and product offers.

“All of this bodes well as we emerge from the pandemic and I am confident Studio can go from strength to strength and benefit all stakeholders.”

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