Fragrance Direct’s turnover neared £90m in the 15 months before it was acquired by a joint venture, newly-published documents have revealed.
The Macclesfield company has reported a turnover of £86m for the period from October 1, 2019, to December 31, 2020, while its pre-tax profits totalled £2.1m.
The new figures compared to a turnover of £49.3m and pre-tax profits of £88,633 from the 12 months to September 30, 2019.
Fragrance Direct was established in 1993 and specialises in selling branded beauty products, including fragrances, makeup, skincare and haircare essentials along with gift sets.
The company acquired by a joint venture between the owners of counterpart Allbeauty, private investors and an investment fund in March 2021.
The move to combine Allbeauty and Fragrance Direct into one health and beauty products group was made by Maximo Group.
The joint venture is backed by the Guernsey Investment Fund.
A statement signed off by the board said: “The company has had a satisfactory period.
“The directors have devoted considerable effort into new systems combined with marketing and increasing the company’s turnover, whilst maintaining healthy gross profit margins.
“They are confident in their strategies and look forward to another healthy year.
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“With the onset of Covid during the first quarter of 2020 the shift to online shopping accelerated the change in buyers’ shopping habits, which the company took advantage.
The company believes that this trend will continue into 2021 and beyond as shoppers continue to purchase their beauty products online.
“As the company’s online revenues are predominantly in the UK, 96% of its total online sales are to customers within the United Kingdom, its exposure to Brexit is limited, but the company has taken all appropriate steps to maintain its European customers.”