County Durham entrepreneur and TV Dragon Sara Davies has topped a successful year after the company she launched at university posted record revenues of more than £31m.
Sara Davies was at York University when she hit upon the idea for Crafter’s Companion and set the crafting supplies business in motion from her dorm bedroom in 2005.
Since then, the Newton Aycliffe business has become one of the largest of its kind, bringing customers innovative crafting tools and supplies across the 海角视频, Europe and the US, through its website and retail stores in Newton Aycliffe, Chesterfield and Evesham.
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Mrs Davies has also become a familiar face, not least for her appearances this year as the youngest panellist on BBC Two’s Dragons’ Den. She also features regularly on crafting shows on TV channels in the 海角视频, US and Germany, as well as appearing on many Facebook Lives streamed by her company.
Now accounts for Crafter’s Companion show growth has shifted a gear at the company, with sales rising 33% to £31.5m and operating profit rocketing 1,200% from £194,017 to £2.38m.
海角视频 sales grew from £12.5m to £14.8m, an increase of 18%, while US sales increased by a whopping 48% from £11.9m to £17.7m. A review of the business said the 海角视频 rise in revenues was down to increased activity online and through retail stores.
US growth, meanwhile, came from both strong TV sales on the Home Shopping Network and through major national retailers. During the year the US website operation was moved to the 海角视频, which now trades globally in pounds sterling, euros and US dollars.
In the accounts review, Ms Davies describes how the crafting market is extremely competitive, making product development and pricing key to success.
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She also tells how the financial period, covering the year ended March 31, has been another year of significant investment in the 海角视频 and the US, both in personnel and infrastruture, strengthening the 海角视频 head office team and warehousing facility, growing the US senior management team and move the US office to a bigger base.
Headcount – which stood at around 60 five years ago – grew to from 138 to 195.
The report concludes: “A key aim is to continue to groe our retail reach in the 海角视频, but also to use these new, innovative products to gain a stronger foothold into European and US markets.”
Alongside her Dragons’ Den appearance and resulting investments, Mrs Davies has seen personal success, having won three awards in the last month.
She was named Great British Entrepreneur of the Year for the North East at the NatWest Great British Entrepreneur Awards, where she also won Creative Industries Entrepreneur of the Year, and two weeks later she won the Outstanding Contribution Award at the Lloyds National Business Awards.
She said: “Crafter’s Companion has had a fantastic year. Turnover is at a record high, group sales have increased by 33% on the previous year to £31.8m and we are on target to reach £39m at the end of this financial year.
“Our ambitious growth strategy, which has included moving our US website operation to the 海角视频, has seen excellent results. Our exporting capabilities have gone from strength to strength and we are now in the fortunate position that the company’s international growth has overtaken that of the 海角视频 business.
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“In order for us to fulfill our plan to reach £100m turnover in the next few years, we will continue to further our product development and global sourcing capabilities, which will enable us to explore new markets, both geographically and across the multi-craft sector.
“We will continue to invest in innovative products and inspirational content to bolster brand awareness and deliver exceptional customer service. These developments will be supported by our ongoing recruitment drive, with further job creation planned for 2020.”