Upmarket jeweller Theo Fennell has reported improving business after a year of restructuring and the return of its eponymous founder in June last year.
The AIM-listed retailer cut its full-year loss before tax and exceptional from £2m to £0.25m in the year to March 31, when turnover from continuing operations rose from £11.9m to £12.6m.
Like-for-like sales rose 6% in the period, but during the second half jumped by 23% and continued at the same rate in the first 10 weeks of the new year.
Theo Fennell, which undertook a £1.5m fundraising in April, launched its first new collection, PHI, in two years last September and said its performance had beaten expectations.
This October the retailer intends to launch “an affordable silver diffusion line” which it described as “a major initiative”. Theo Fennell will relaunch its website the same month, and will expand internationally after overseas wholesale sales doubled last year.
The retailer reported that the return of its eponymous founder “has provided the company with the direction missing in the last year” and brought “new creative impetus.”
Chairman Rupert Hambro said: “The new board’s main focus during the year was to restructure and refocus the Theo Fennell business.
“As reflected in the strong current trading this has largely been achieved and I believe the business has now turned the corner and is positioned for profitability.
“We have some major developments under way which have the potential to grow the business beyond previous successes.”