The British division of Hallmark, the renowned greeting card company, has made more than 150 job cuts in an effort to return to profitability.
In its latest filings with Companies House, the Bradford-based arm of the American group reported a reduction in staff numbers from 561 to 405 in 2024, as reported by .
This number is less than half of the 867 employees Hallmark had at the end of 2022.
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Further details from the new accounts revealed that Hallmark decreased its pre-tax loss from £15 million to £10 million over the year.
It's been a series of losses for Hallmark since their last reported pre-tax profit of £5.7 million in 2020, now totalling close to £40 million.
Turnover also saw a decrease, dropping from £61.8 million to £58.1 million in 2024, which is significantly lower than the £123.2 million recorded at the end of 2021.
Hallmark hails 'strategic changes'
The board signed off a statement acknowledging 'strategic changes' at Hallmark: "While the company experienced a modest year-over-year decline in revenue, the restructuring efforts undertaken in 2023 have delivered tangible financial benefits, driving improvements in gross profit through enhanced operational efficiency and cost optimisation."
The statement continued: "These strategic changes have streamlined processes and reduced overheads, contributing to a more robust margin performance."
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There was also mention of the sale of a distribution centre: "In addition, the sale of a distribution centre during the year further supported operating margin improvements by lowering fixed operating costs."
"The strategic changes were further supported in the year with an issue of 15m ordinary shares with a nominal value of £1, providing the necessary funding to implement key initiatives and strengthen the financial position of the business."
"As a result, the business has seen a meaningful reduction in overall losses, marking a significant step toward achieving long-term financial sustainability."
Hallmark stated: "In the year the group began a group simplification process; this was still ongoing at the year end.
"This included reviewing intracompany balances to consolidate and eliminate significant amounts arising from past acquisitions and restructuring."
"The directors expect this work to be completed in the second half of 2025."