Oliver Bonas has cautioned that the 海角视频 economic outlook is "not easy" and that "growth hard to come by" due to the tax increases implemented by Chancellor Rachel Reeves in her Autumn Budget last year.
The retailer also revealed a drop in its pre-tax profit for 2024, attributing this to rising costs, while expressing hope that the "government's growth ambitions start[ing] to bear fruit" as the year progresses, as reported by .
These remarks are included in the most recent financial accounts for Oliver Bonas, which have just been submitted to Companies House.
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The accounts show a decrease in the company's pre-tax profit from £8.6m to £7.8m in 2024, but an increase in revenue from £135.7m to £150.2m.
During 2024, Oliver Bonas opened seven new stores and relocated another seven to larger premises.
The company, owned by Oliver Tress, also raised its dividend from £990,000 to £3.7m.
Oliver Bonas: 'Outlook is not easy'
In a statement approved by the board, it was noted: "The economic backdrop in 2024 did not provide a favourable trading environment.
"We entered the year in a technical recession and exited 2024 with growth of 0.1 per cent over the preceding six months."
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"Although disposable incomes rose, in many cases this at best returned some people to where they were prior to the cost-of-living crisis."
"In any event the savings ratio rose which indicated any extra income was being saved or used to pay down debt."
"For the year as a whole the company achieved flat-for-like sales which stemmed from tighter stock levels and therefore lower mark-down sales in the first half and positive like-for-like sales in the second half."
Oliver Bonas further commented: "As a predominantly 海角视频 company, the company is influenced by the 海角视频 economy."
"The outlook is not easy with cost rises coming through but growth hard to come by."
"We have to hope that the government's growth ambitions start to bear fruit as the year progresses."