Ecommerce giant Lovehoney has been recognised at an annual awards event that celebrates Britain’s mid-market companies with the fastest-growing international sales.
The lingerie and sex toy retailer was ranked 42nd in The Sunday Times’ International Track 200, with the newspaper placing its annual revenue from international markets at around £15.7 million against total sales of £58 million.
The Sunday Times stated overseas revenue to have increased by 75.5% over the last two years.
Turnover at Lovehoney increased by 30% to £56.6 million in the year ended March 2016, according to the retailer’s latest filings on Companies House.
This increase was attributed to enhancing sales of Lovehoney’s own brand product and implementing plans to open overseas fulfilment centres.
Internationally, the business successfully created site specific sales, deals and offers to meet the demands of each geographic location in the year to March 2016, Lovehoney said. As a consequence, gross margins increased from 24.5% to 24.9%.
Pre-tax profits before inter-company charges for property and brand use, one off professional fees and the write off of a Coco de Mer inter-company balance were £6m compared to £4m, an increase of 50%.
These intercompany balances were written off to reflect future plans for the Coco de Mer brand, the retailer said.
Profit before tax for the year after these one-off costs was £3.7m, in line with the prior year.