News blog
John Lewis of Hungerford
- BY: Andrew Hore |
- POSTED: 03/01/2008 |
Upmarket kitchens supplier John Lewis of Hungerford has more than trebled its profits even after paying its management a bonus.
Turnover grew 13% to £4.52m in the year to August 2007 while profits, before share option charges and a £44,000 performance bonus, jumped 388% to £310,000. If the performance bonus and share option charge are included in costs then profits rose from £63,000 to £225,000. The cash inflow from operations has fallen but at £215,000 it is broadly in line with profits.
Sales of kitchens rose but other furniture sales declined by 19%. Bathrooms and some furniture products have been dropped from the range on offer.
The company has seven showrooms and, following the closure of a concession in Debenhams in Glasgow, will have one ongoing concession site. All the showrooms sold more kitchens in the period and the company wants to open more. Management has identified 20 potential locations and hopes to open two more showrooms this year and three the year after. They are likely to be in southern England. .
The factory can manufacture £7m worth of products and this capacity can be increased by one-third with the addition of a mezzanine floor. New software is being installed.
The shares have recently gone above their January 1997 flotation price of 3p for the first time since early 2000. They rose 0.075p to 3.125p on these results.
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