Boodle & Dunthorne sees post-pandemic rebound

By

Sandra Halliday

Published
Mar 6, 2023

Jeweller Boodle & Dunthorne’s results for the year to February 2022 showed the company bouncing back from the pandemic. It said that after its stores reopened in April 2021, “trading from that date for the year was very strong indeed”. 

That helped it to record profit before tax of almost £18.1 million as the company said it made the most of “a good deal of pent-up demand, especially for higher-value jewellery, following the lockdowns”. 

It meant turnover jumped to £94.3 million from £49.5 million in the previous year. Gross profit was £47.7 million, up from £23.9 million, and that record pre-tax profit figure of £18.1 million was a massive leap on the £5.3 million of the previous 12 months. Profit after tax for the financial year was £14.5 million, again, a huge increase from the £4.2 million of the earlier period.

And with entertaining and travel more difficult because of Covid regulations, its expenses were lower than usual.

Boodles had claimed around £103,000 as a furlough grant during the year, but subsequently repaid it all.

Trading also continued strongly in the following financial year (the year that’s just finished), and the company said it has a very strong liquidity position with record cash in the bank and no borrowings. However, it’s remaining cautious given the overall macro economic outlook for the UK specifically and the world in general.