Home shopping retailer Grattan plc has reported a reduction in turnover but a return to profit.
According to its latest filed accounts for the year ended 27 February 2023, total sales fell 19.9% to £76.8m from £95.9m in 2022, adding to its decline of 9.6% from £106.1m in 2021.
Pre-tax profit resulted at £7.7m, significantly improving from its loss of £9.9m recorded the previous year.
During the period, Grattan said that a shift in strategic focus across its brands led to reduced sales but higher profitability from better returns on marketing spend invested.
The company said that 86% of turnover came from credit sales, whereas 14% came from cash sales. Gross margin improved from 32.4% to 36.7%.
“Trading in the home shopping market continues to be challenging with strong competition from both high street and online retailers, and in terms of disruption and increased costs as a result of the UK’s departure from the EU,” the company added.
