Boden posts 25 percent fall in annual profit

Boden profits fell by 25 percent on flat sales for the third year in a row. The company’s profits were 23.9 million pounds (29 million dollars) last year against 32 million pounds (38.8 million dollars) on the prior year. Sales remained flat at 283 million pounds (343 million dollars).

The mail order business was founded by ex-banker Johnny Boden in 1991 and his family and he continue to own 60 percent of the business. The media reports suggest that the family received 7.9 million pounds (9.5 million dollars) in dividend. The company’s net assets declined from 52 million pounds (63 million dollars) to 33.4 million pounds (40 million dollars).

Boden said that the first half was “disappointing” in an “increasingly competitive” trading environment.

Picture:Boden