Latest news with #IFRS16
Fashion Network
14 hours ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
Fashion Network
15 hours ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
Fashion Network
15 hours ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
Fashion Network
16 hours ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
Fashion Network
16 hours ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
