Wilkinson Sword has reported an increase in turnover for the financial year ending 30 September 2023. However, the firm’s pre-tax losses have deepened significantly.
The company, which owns brands like Playtex and Bulldog skincare, saw higher production costs, increased marketing investments, and other financial impairments impacting its bottom line.
Wilkinson Sword’s revenue climbed to £132.4 million for the year ending 30 September 2023, up from £116.9 million the previous year. Despite this sales boost, the company’s pre-tax losses escalated from £4.4 million to £10.3 million over the same period, according to the most recent accounts submitted to Companies House.
The company cited several reasons for the increased losses. Rising production costs and substantial investments in the marketing of its Bulldog skincare brand were significant factors. Additionally, there was a partial write-off of a loan from an associated company, further compounded by additional impairments on investments in an associate.
European sales also saw an increase, rising from £55.4 million to £66 million, while sales in other global regions improved from £1.4 million to £2.1 million.
Supplementary filings revealed that Bulldog, the skincare brand, reported a turnover increase to £765,089, up from £655,651, with profits rising from £609,136 to £879,769.
Founded in 1772 in County Durham as a gun manufacturer, Wilkinson Sword is now owned by American firm Edgewell Personal Care, which emerged in 2015 after a spin-off from Energizer.
Overall, while Wilkinson Sword’s sales have seen an encouraging growth, significant challenges remain. The company’s focus on increased production costs and marketing investments poses ongoing financial hurdles.
In summary, Wilkinson Sword faces a paradox of rising sales but widening losses. The company is taking strategic steps to navigate a competitive market and invest in its brands.
Despite setbacks, executives remain committed to finding avenues for growth and profitability in the future.
