The owner of Newcastle children's brand Tommee Tippee has seen its turnover surpass £200m, despite the group having to adapt to the effect the coronavirus pandemic had on retail sales.
Financial accounts for Success BidCo 2 Limited - the parent company of the Mayborn Group, which in turn owns the Tommee Tippee brand - showed its revenue has jumped by more than £10m during 2020.
Revenue increased from £193.4m in 2019 to £206.0m for the year ending December 31, 2020.
The increased sales allowed the group to enjoy profits of £25.5m, up from £18.6m in 2019.
The improved sales were made in spite of the fact that many retail stores were forced to close during the Government mandated lockdown used to fight the Covid-19 pandemic.
Commenting on the group's results, Mayborn's chief finance officer James Taylor said: “We’re delighted to report a very strong year in terms of both revenue and profit.
"Our focus on the consumer and supporting their shift to digital purchasing with products that make a difference to their parenting experience has been a key part of our continued growth and success. Coupled with continued investment in the wellbeing and experience of our people, Mayborn has been able to continue to grow despite the volatility created by the global pandemic.”
Mayborn said the closure of retail stores was a "significant challenge" but by launching its own online store it was able to continue to sell its products to customers throughout the year.
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In its accounts, the company added: "The global Covid-19 pandemic and the associated quarantines put in place by the 海角视频 and other governments presented significant challenges to the retail sector both in securing supply chains and in store closures and reduced footfall in those stores which remained open in 2020.
"We expect disruption to continue in traditional retail channels throughout much of 2021, as a return to typical consumer behaviour is reliant on the success of the global vaccination programmes. The company is well placed to adapt to these challenges, having control of its own supply chain and access to a wide range of retail channels, with the digital market, in particular, continuing to trade strongly.
"The recent launch of the company's own direct to consumer website has provided another route to this market. The strength of the company's balance sheet reserves means that even under severe downside modelling there is no significant liquidity risk to the company."
The majority of Mayborn's sales continued to come from the 海角视频, with the company generating £78.5m in 2020, an increase of £8m. But the Americas were also a major market for the business, with turnover jumping from £56.7m to £64.5m.
But while the company managed to grow its finances, its headcount shrunk during the year. Headcount fell from 1,349 to just 1,170. The biggest decrease was felt in the firm's production team, with numbers falling by 138 to 826.
The drop in headcount led to the company's staffing costs falling by £2m to £31.4m.