The homewares, fashion and gifts retailer more than doubled pre-tax profits to £5.2m last year.

The figure, for the 13 months to December 31, 2015, compared with £2.2m in the previous financial year, which was a 12 month period..

Like-for-likes climbed 14% in the 13 months, which the retailer described as an “outstanding result”, given the current climate. Total sales increased 28% £42.6m.

Oliver Bonas has been focusing on its in-house designed products, which generated 62% of the retailer’s sales in 2015.

It said it will continue to invest in this, and has a “plethora of projects and initiatives” in the pipeline.

In 2015, Oliver Bonas became the first high street retailer to pay a voluntary living wage of £7.85 per hour and £9.15 per hour in London. This is higher than the mandatory national living wage, which currently stands at £7.20 per hour. 

It said that, in the short-term, the costs of implementing this had been “considerable”. However, the retailer insisted the move would lead to ”better retention rates” and, in turn, better sales.

Oliver Bonas also warned that the result of the EU referndum may result in an economic slowdown, which could “impact sales and profitability” in the short term.

It added that the fall in the value of the pound will hit input costs and will gross margins, as many of its suppliers price goods in dollars. However, the retailer hoped these challenges will be mitigated by an increase in tourist spend.

The retailer opened nine stores and closed two during the period, taking its UK estate to 57.

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