A Lancashire online gardening and landscaping business returned to making a pre-tax profit and increased its turnover during the financial year before it was sold by private equity firm Foresight Group to a former chief executive of listed white goods and technology retailer AO World.
Hedges Direct Group has reported a pre-tax profit of £392,289 for the 12 months to June 30, 2020, up from a loss of £20,708 during the prior year.
The company's turnover also increased from £8.7m to £10.8m over the same period.
The results, filed in documents to Companies House, come after its acquisition was announced in February.
Steve Caunce first joined Hedges Direct Group, which is based in Euxton, in 2019 and acquired the business after a competitive sales process.
The deal was the second exit from Foresight Regional Investment LP following the sale of Clubhouse Golf in March 2020.
A statement signed off by the board said: "In an uncertain trading environment the group has delivered notable improvement in the financial year, with turnover up 25% and operating profit by 168%.
"The group has demonstrated excellent resiliency in the light of the 2020 Covid-19 pandemic and continues to operate in line with government guidelines.
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"The group continues to perform strongly post year end, with constant focus on liquidity, bearing in mind the current economic uncertainty.
"Management have stress tested the current revenue forecast and can meet all current and future obligations, even with a material downturn in performance.
"The 2020 Covid-19 pandemic, added to the 海角视频's impending exit from the European Union, has created an uncertain 海角视频 economic climate.
"The group believes that it is well placed to capitalise on both of the aforementioned events, due to its 'distance selling' model allowing the continued operation of the business in light of recent restrictions, coupled with the strong relationships the group has with European suppliers."