CASHMERE maker Johnstons of Elgin has seen a big leap in profits in its last financial year after it sold
a property in London, accounts newly available at Companies House show.
The company, which has manufacturing sites in Elgin and Hawick, made a pre-tax profit of £7.8 million in the year ended December 31, up from £1.3 million the year before.
Johnstons noted in the accounts that its coffers were boosted by the £4.1 million property sale of a property in the UK capital.
The accounts also highlight a strong trading performance during the year.
The company said sales grew during the year because of increased sales to luxury brands in UK and France. And it highlighted growth in branded product sales at its four UK retail outlets, as well as in the wholesale sector, “driven by Japan and the Middle East”.
That helped turnover surge to £66.7m in 2015, compared with £58.7m the year before.
Johnston sells garments, home interiors and accessories such as scarves in shops at its manufacturing sites in Elgin and Hawick, as well as at its store in St Andrews and a flagship outlet on New Bond Street, London.
A small store was acquired on Nantucket Island in January 2015, under the wholly owned Johnstons of Elgin US subsidiary. Dividends of £218,000 were paid during the year, down from £245,000 in 2014, the accounts show.
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