Online sales push Studio to 33 per cent revenue growth

The switch from catalogues to online retail has helped Accrington-based Studio to increase its customer base and generate extra sales throughout the pandemic year.

Total revenues for 52-week period ended 26 March 2021 were £578.6m, up by a third over the previous year.

The group also disposed of Findel Education for £30m in April 2021. Overall adjusted profit before tax was £48.8m, an increase of 79 per cent and earnings per share were 38.2p.

The active customer base at Studio is now at records levels; up 35 per cent to 2.5m at March 2021, including
1.5m with an active credit account.

Paul Kendrick, group chief executive, commented: “The Covid-19 pandemic showed the resilience and agility of Studio, and we emerge from it a much stronger business.

"The changes over the last few years, to transform Studio into a digital value retailer with integrated financial services, meant we could react quickly to changing market conditions, and deliver record levels of growth in sales, profit and customer numbers. 

"With the strong performance last year, and having sold the Findel Education business, Studio is in a stronger financial position and is now focused on pushing forward with a well-defined purpose that delivers great value, affordable products for our customers. The business has a clear growth strategy, fuelled by its digital capabilities, service enhancements, and ability to utilise data to drive better customer targeting, credit underwriting and product offers. All of this bodes well as we emerge from the pandemic and I am confident Studio can go from strength to strength and benefit all stakeholders.”

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