Fancy dress and party products company reports an 80% increase in profits for the year ending December 31 2016.
Fancy dress and party products company Smiffys has reported an 80% increase in profits for the year ending December 31 2016.
The Lincolnshire-based firm, which has been trading for 122 years, reported profits of £3.4million for the period – up from £1.8m in 2015, despite a small drop in turnover (£54.2m, from £56m). The firm’s latest accounts say that it employed 233 people at the end of 2016.
Chairman Raymond Peckett made a statement in the official accounts, which read: “Our revenue channels continue to evolve and change, keeping us at the front of the market.”
“The whole Smiffys team worked incredibly hard in 2016, and I thank them all; it’s our ONE TEAM outlook and ‘can-do’ attitude that keeps us at the front of our sector.”
Smiffys made national headlines last year, announcing that it was considering relocating to the Netherlands following the Brexit referendum result.
Some 40% of Smiffys sales go to the European Union and managing director Elliott Peckett said the move woud be an act of prudence following the company’s concerns over the costs of a hard Brexit.
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