Arts and crafts retailer HobbyCraft has revealed its pre-tax profits climbed 10 per cent to £3.2 million in the year to February 24, 2008, while its profits for this year are “well ahead of forecast”.

Like-for-likes slid 1.8 per cent in the period, but showed positive growth of 2 per cent in the first 26 weeks of the current financial year.

Turnover at the 38-store retailer increased 14 per cent to£62.1 million in the 12 month period, while rocketing 16 per cent in the first half of the current financial year.

HobbyCraft chief executive Chris Crombie said: “Few businesses are entirely recession proof and there can be no denying that the retail environment is tough at the moment.

“But the trend towards ‘make-it-yourself’ and customisation means that more new customers are discovering HobbyCraft than ever before, with recent Christmas ranges showing a like-for-like sales increase of 17.4 per cent.

“We remain committed to a programme of expansion and our plans to grow the business are forging ahead.

“With trading during the Christmas period going well our sales and profits are well ahead of forecast. I am very confident that HobbyCraft’s current performance will enable us to support and sustain the company’s ongoing growth, despite a challenging retail landscape.”

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