Strong second half not enough to offset slow start

Home furnishings retailer Leekes has reported a decline in sales as well as posting a loss of almost £300,000.

According to its latest filed accounts for the year ended 31 March 2020, total sales fell 3.7% to £61.7m from £64.1m in 2019.

Gross profit was down from £24.7m to £23.4m, while EBITDA resulted at £1.9m. The pre-tax profit of £785,000 recorded the previous year fell to a loss of £290,000.

Stated within its report, Leekes said that its continued reinvestment of previous year’s profits has resulted in a strong net asset base of £17.3m.

The company added that sales were lower in the first half of the year, which impacted profits across the full year, despite trading improving “significantly” during the second half.

The positive second half also led to a “strong order pipeline” into the following year.