SCOTTISH outdoor clothing specialist Jacobs and Turner, the company behind the Trespass brand, has highlighted tough market and economic conditions but expressed confidence about its future prospects, after hiking profits in its last financial year.
The latest accounts of the family-owned Jacobs and Turner, which have just become available from Companies House, show the firm raised pre-tax profits to £4.01 million in the year to June 30, 2013, from £2.41m in the prior 12 months.
This represents a rebound in profits for the firm, which is owned by brothers and directors Afzal and Akmal Khushi. The latest annual pre-tax profits posted by the company are well above the figure of £3.05m achieved in the year to June 2011.
The wet summer and autumn of 2012 is cited in the accounts as a key factor in the rise in profits, which the directors emphasise was achieved in a tough market-place. The directors also highlight the "poor state" of the economy.
Jacobs and Turner's rise in profits in the 12 months to last June was achieved on the back of a jump in turnover to £75.3m, from £64.9m in the prior financial year.
In their report on the accounts of the company, which is engaged in the design, wholesaling and retailing of outdoor clothing and related goods, the directors state: "In difficult market conditions, the group has produced another strong set of results, achieving significant growth in both turnover and, more importantly, profitability, helped in no small measure by the poor weather experienced throughout the UK in the first few months of the financial year."
Mulling the outlook, and signalling an appetite for further expansion, the directors add: "Despite the challenges faced in the current economic climate, the directors remain positive about the future prospects of the group as they believe the strengthening balance sheet will provide new market opportunities in the coming years."
Jacobs and Turner, which has outdoor clothing operation Nevisport as a subsidiary, increased its overall workforce significantly during the year to June 30 2013.
The average number of people employed by Jacobs and Turner during the year was 1135. This was up from 1001 in the prior 12 months.
Of the 1135, some 956 were employed in retail operations, with 66 in factory jobs and 113 in office posts.
Total directors' remuneration more than doubled to £494,946 in the year to June 30, 2013, from £221,127 in the prior 12 months. The emoluments of the highest-paid director also more than doubled, to £237,931 in the 12 months to last June from £110,545 in the prior financial year.
Jacobs and Turner saw its shareholders' funds rise to £45.6m, from £42.9m a year earlier.