Land sale drives profit growth at home improvement retailer

Home improvement retailer Gardiner Haskins has reported a significant uplift in profit due to the sale of surplus land.

According to its latest filed accounts for the year ended 31 December 2019, total sales declined by 37.3% to £7.7m from £12.3m in 2018.

Gross profit also reduced from £4.4m to £4m, while pre-tax profit increased from a loss of £1.4m to £15.8m.

Stated within its report, the business said that during the year the scope of its Bristol home improvement centre was reduced and therefore sold surplus land and buildings for a sum of £17.8m, creating an upswing in profitability.

The company, which also operates a store in Cirencester, added that the temporary closure during covid-19 will impact 2020 profits but revealed “no significant losses are to be expected”.