The º£½ÇÊÓƵ arm of New Balance returned to making a pre-tax profit as its turnover jumped by over £260m during 2022, new documents have revealed.
The division, which is headquartered in Birchwood, Cheshire, has posted a turnover of £679.7m for the year, up from the £413.5m it achieved in 2021.
The company also made a pre-tax profit of £6.6m after posting a loss of £6.5m in the prior 12 months. It's the first time the º£½ÇÊÓƵ division has posted a profit since 2014.
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New Balance was replaced as Liverpool FC's kit maker by Nike in 2020. The company's US parent is headquartered in Boston, Massachusetts, and can trace its roots back to 1906.
A statement signed off by the board said: "The year-on-year improvement was driven by sales and margin growth across wholesale and direct to consumer channels where both consumer demand and brand strength continued to increase.
"There was a similar uplift in intercompany sales as the trend seen within the º£½ÇÊÓƵ market was largely replicated across other subsidiaries.
"Cost base management continued to be a primary focus, but as with previous years there was on-going strategic investment in the º£½ÇÊÓƵ, particularly in both the running and football categories, which continues to impact results."
