Aybl: Record profit for Castore rival backed by Gymshark co-founder
Profit at athleisure brand Aybl surged to record levels during its latest financial year after its sales jumped by almost £10m.
The Redditch-headquartered company has reported a pre-tax profit of £6.1m for the year to 31 March, 2024, according to newly-filed documents with Companies House.
The new total comes after Aybl posted a profit of £1.6m for the prior 12 months.
The new accounts also show that the firm’s turnover jumped from £29.2m to £38.5m over the same period.
Its UK turnover increased from £9.4m to £13.6m in the year and surged from £6.7m to £12.7m in Europe.
In the rest of the world, its sales fell from £13m to £12.1m.
Aybl was founded by brothers Reiss and Kristian Edgerton in 2018 from their spare room.
The company is now backed by Lewis Morgan who helped to set up Gymshark alongside Ben Francis.
Investments pay off for Aybl
A statement signed off by the board said: “Aybl has continued to grow revenue strongly in the year, despite the backdrop of the worldwide economic downturn and the cost-of-living crisis.
“Our focus is to provide high quality and good value exciting products and a fantastic customer experience to retain existing customers as well as attracting new ones.
“The focus contributed to the number of orders from repeat customers growing by 58 per cent compared to the previous year.”
It added: “The investments in people and diversification in suppliers we started in the previous financial year have contributed to the increased levels of profitability.
“This year we have also invested in the warehouse to drive more efficient processes and capacity.”
On its future, Aybl said: “The directors expect the performance of the group to increase in the forthcoming year, including an increase in orders, customer numbers and profitability as a result of our continued focus on carefully launching new exciting products, customer satisfactory and controlling our cost base.”
As a result of its increased profit, Aybl issued a dividend of £275,000, up from £62,500.