New Balance: UK sales pass £1bn for the first time
Sales at the UK arm of New Balance have surged to more than £1bn for the first time, it has been revealed.
The Cheshire-headquartered division has posted a turnover of £1.02bn for 2024, new accounts filed with Companies House show.
The total is up from the £882.1m it achieved in 2023, the £679.7m it posted in 2022 and £413.5m in 2021.
The results also show that New Balance’s pre-tax profit jumped from £148.2m to £192.3m in 2024.
The latest results come after the business only returned to making a pre-tax profit in 2022, having not done so since 2014.
In the UK, New Balance’s turnover rose from £265.6m to £301.1m and from £606.3m to £710.5m in the rest of Europe.
In the rest of the world, the company’s sales increased from £10.2m to £14.4m.
New Balance focuses on running and football
A statement signed off by the board said: “The year-on-year improvement was driven by sales and margin growth across wholesale and direct-to-consumer channels, where both consumer demand and brand strength continued to increase.
“There was a similar uplift in inter-company sales as the trend seen within the UK market was largely replicated across other subsidiaries.
“Despite the increase in inter-company sales our inter-company receivables balances have reduced year on year due to subsidiaries settling their balances sooner.
“Cost base management alongside considered investment for growth, continues to be a primary focus, and as with previous years there was ongoing investment in the UK, particularly in both the running and football categories.”
The accounts for New Balance come after the latest results for the UK arm of Adidas showed its turnover also increased from £1.12bn to £1.28bn in 2024.
The results, which were also filed recently with Companies House, revealed that its pre-tax profit jumped from £30.8m to £45.8m as well.
The UK arm of Adidas is headquartered in Stockport.