Scottish outdoor retailer Tiso has bounced back into the black after posting a pre-tax profit of £1.2m in the year to January 31 as it lays out plans for expansion.
The profit compares with a loss of £100,000 last year.
Group turnover dipped from £27.4m to £27m in the period.
Tiso said its “strong cash flow generation” enabled it to pay down £1.6m of bank loans and overdrafts, reducing borrowings from £7.5m to £5.9m, creating “substantial headroom” for store expansion.
In the period the 13-store retailer “completed a full strategic and operational” review, as well as a “major store refurbishment” programme.
Chief executive Chris Tiso said: “This has been a strong performance for the Group, despite challenging trading conditions. The strategic and operational changes we put in place over the last year have significantly transformed our business and provided us with a solid foundation upon which to grow both organically and by acquisition.
“While we anticipate that the economic environment will continue to impact the retail sector, as a group we are well positioned to continue our strong progress and remain focused on further improving operational efficiencies and maintaining customer loyalty to deliver long term value.”
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