Athleisure brand Adanola has reported a more than twofold increase in profit following a "remarkable' year that also saw its sales surge.
The Manchester-based label, favoured by celebrities such as Michelle Keegan, Molly-Mae Hague and Maya Jama, announced a pre-tax profit of £18.9m for the year ending 31 March, 2024.
This figure follows a pre-tax profit of £8.3m posted by Adanola in the previous 12 months. Recently filed accounts with Companies House reveal that the brand's turnover leapt from £27.8m to £57.1m during the financial year.
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Total orders increased by 98 per cent over the year, compared to a rise of 308 per cent in the preceding 12 months, as reported by . Units sold also experienced a significant boost, increasing by 110 per cent, having grown by 248 per cent the previous year.
Earlier this year, founder Hyrum Cook stepped down as chief executive, handing over the reins to Niran Chana, the former chief commercial officer of Gymshark.
In a statement approved by the board, it was noted: "The business has, in the opinion of the directors, had an excellent trading period for the year... noting that the trading conditions remain highly uncertain because of the current weakness in economic fundamentals including high and persistent inflation as well as some international conflicts."
Despite these uncertainties, the directors expressed satisfaction with the progress made towards the company's key strategic objectives in the current year.
Adanola concluded: "We've achieved remarkable results in both financial performance and operational efficiency.
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"Total orders and units sold have increased substantially and the average number of employees has increased despite the relocation of our fulfilment centre to a third party logistics provider."
During the year, Adanola saw its average employee count rise from 53 to 76.
Regarding its outlook, the company said: "The directors acknowledge that the business operates within a highly competitive landscape, where broader macroeconomic factors may also influence consumer behaviour.
"Despite the likelihood of ongoing competitive pressures and challenges in the trading environment, the directors remain confident that the company's strategic investments in operational processes, technology and brand strength will support sustained profitability.
"Key areas for future growth include enhancing the digital experience, expanding operations into new markets with a localised approach and broadening the product range to meet evolving consumer needs."
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