Profits at Gymshark continue to slump for the second year running, despite sales surging past £550m.

The sportswear company posted pre-tax profits of £13m for the 12 months to July 31, 2023, less than half of the £27.8m pre-tax profits posted the year prior.

New accounts shows revenue increased from £484.4m to £556.2m during the year.

Distribution costs fell from £122.7m to £114.2m, but administrative costs jumped enormously from £160.5m to £192.9m.

A statement signed off by the board said: “During the last financial year, apparel businesses have continued to face rising input costs, including rising raw materials and labour costs.

“However, other costs notably freight began to normalise during the financial year.

“The board continued to monitor these costs closely as well as changes to the macro environment, from a vernal perspective and with regard to conditions in key geographies.

FTSE 100

The UK's flagship share index, the FTSE 100, was up nine-points at 7,693 shortly after opening this morning.

Brent crude oil futures was down 0.62% today, trading at $83.15 a barrel.

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