Studio Retail Group aims for £1bn revenues after strong year

Lancashire-based home shopping business Studio Retail Group said investment in its digital infrastructure has paid off as the group revealed growth in revenues and profits.

The group, which has been focusing on its core business having sold Findel in a management buyout in April, revealed a 33% hike in revenues to £578.6m for the year to the end of March 2021. That was up from £434.9m in the previous year.

Adjusted pre-tax profits from continuing operations were up 79% to £48.8m, from £27.3m in 2020.

During the year the group’s customer base also grew record levels to 2.5m at March 2021, that’s a growth of 35%.

With a positive outlook, the group said it was aiming to reach revenues of £1bn in the medium to long-term.

CEO Paul Kendrick said: “The Covid-19 pandemic showed the resilience and agility of Studio, and we emerge from it a much stronger business.

“The changes over the last few years, to transform Studio into a digital value retailer with integrated financial services, meant we could react quickly to changing market conditions, and deliver record levels of growth in sales, profit and customer numbers.

“The success of the last year could not have been achieved without the commitment and hard work of all our colleagues and I am proud of how they have strived through the year to deliver for our customers.

“With the strong performance last year, and having sold the Findel Education business, Studio is in a stronger financial position and is now focused on pushing forward with a well-defined purpose that delivers great value, affordable products for our customers.”

He added: “The business has a clear growth strategy, fuelled by its digital capabilities, service enhancements, and ability to utilise data to drive better customer targeting, credit underwriting and product offers.

“All of this bodes well as we emerge from the pandemic and I am confident Studio can go from strength to strength and benefit all stakeholders.”