The Botanist eyes ‘significant profit growth’ after £8m hit despite record sales
The group behind brands such as The Botanist has said it has seen a “significant growth in profit” during its current financial year after slumping to a loss of nearly £8m.
The owner of New World Trading Company, whose brands include The Florist, The Club House, The Oast House, The Canal House, The Trading House, The Smugglers Cove and The Furnace, is backed by Graphite Capital which is also a long-time investor in steak restaurant Hawksmoor.
Headquartered in Warrington, Cheshire, the group has posted a pre-tax loss of £7.9m for the 12 months to March 31, 2023, newly-filed documents with Companies House have revealed.
However, the accounts also show its turnover jumped from £59.9m to £71.9m over the same period, a new record for the group.
A statement signed off by the board said: “Revenues in the year to 31 March 2023 increased by 20% to £72m, a record year for the business.
“Inflation, the cost-of-living crisis and the residual effects of the Covid pandemic affected conversion during the period.
“Margins have been suppressed due to unprecedented inflation in cost of goods and energy prices but during the year the business stabilised and then improved margins.
“The challenging cost environment during the year March 2023 impacted profitability but during the new financial year (to March 2024) the business has shown significant growth in profit.”
During the year new The Botanist sites were opened in Ipswich, Worcester and Barnsley while a new The Club House was launched in Cardiff. However, The Botanist in East Didsbury, Manchester, and The Florist in Bristol were closed.
Since the end of the financial year, the group has opened a second site in Chester under the new North Light brand, as well as The Botanist in Edinburgh.