Online lingerie and sex toy retailer Lovehoney has posted huge surge in sales and profits after expanding into new international markets.
For the 12 months ending March 2016, the group reported a 68% rise in pre-tax profits to £5.1 million.
The Bath-based firm, founded in 2002, achieved an annual global turnover of £58 million, a 29% increase on 2015.
Lovehoney said resources have been directed towards expansion into new international markets, which has included the roll-out of international websites.
In April, Lovehoney received the Queen’s Award for Enterprise for boosting international sales.
The launch of Lovehoney’s Fifty Shades of Grey merchandise also boosted sales in 2016, the firm said.
Commenting on results, Lovehoney co-owner Richard Longhurst said: “Lovehoney has taken the top spot as the UK’s most profitable sex toy retailer. We were thrilled to receive the Queen’s Award for our international trade success; we are incredibly proud that a start-up business in the South West has risen to international prominence.
“We have invested significantly in the Group’s infrastructure to ensure that Lovehoney turns strong turnover growth into strong profit and cash growth. Amid the current political climate, Lovehoney is well-positioned to sustain its international.”
Coming soon: Exclusive stats on the performance of Lovehoney’s lingerie business.