Revenues and profit surge at Lovehoney

Pre-tax profits at Lovehoney, the sexual wellbeing and online lingerie retailer, increased by 22 percent to 11 million pounds (14 million dollars) during the financial year 2017/18, which the company said, were driven by strong sales globally as the firm invested in international distribution and customer service. Sales increased 22 percent to 93 million pounds (119.7 million dollars). The company witnessed sales growth across territories with a 31.6 million pounds increase in Australia and North America - a 67 percent rise year-on-year. Lovehoney, based in Bath in the UK, also reported 30.5 percent rise in sales globally in the run-up to Christmas.

Commenting on the results, Lovehoney co-founder Richard Longhurst said in a statement: ‘’This year has been our biggest year to date, with record sales and profit which are both up by more than a fifth. Sales growth of more than two thirds in two key territories of America and Australia reflects our focus on international expansion as a key part of our global strategy. We now have nine international websites in four languages served from three distribution centres.”

In June, the company said, private equity firm Telemos Capital invested in the business and acquired a majority stake from Longhurst and co-founder Neal Slateford. The duo continue to lead day-to-day operations at its headquarters in Bath and Telemos’ Executive Chairman Philippe Jacobs and Chief Investment Officer Jacob Polny have joined the Lovehoney board.

Picture credit:Lovehoney