Losses have deepened at Daylesford Organic, as the luxury farm and homeware business battled high inflation and the cost of living crisis.
Founded and owned by Carole Bamford, the brand has largely struggled to return a profit over recent years, barring a boon period during the coronavirus lockdown.
Pre-tax losses grew to £3.6m, from £291.1k, in the year to 1 April 2023, according to latest accounts filed at Companies House.
During what Bamford described as a “challenging period”, revenues grew 2% to £50.2m.
Retail sales grew 10%, with e-commerce sales up 5%. However, performance was dragged down by a 7% decline in wholesale sales. The company also “bore the cost” of historically high inflation, particularly in food and labour, which significantly affected profitability.
Bamford said she would continue to provide financial support to the business “if necessary”.
“The directors intend to continue to increase turnover and achieve profitability through growing the group’s retail, wholesale and online operations, making further investment in the Daylesford Farm site and implementing operational improvements,” Daylesford said in the results.
Daylesford has four London stores, as well as a flagship farm shop and spa resort in the Cotswolds. It’s products are also listed with the likes of Planet Organic and Ocado.
Daylesford opened its new Heritage House events space at the Cotswold farm in 2023, which would “provide further growth opportunities”, it claimed. It also attained B Corp accreditation.
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