MJM reports robust profit

MJM has defied the current misery of the high street, with pre-tax profits of £794,557 for the year ending in April 2010.

The results are decrease on the previous year, when it recorded a profit of £960,000, but included an increase in turnover to a record £10.2 million, compared to £8.6 million in 2009.

Group founder Michelle Mone has also announced an intention to expand her company, transforming it into a global brand that encompasses an extended lingerie offering, swimwear, bridal wear, beauty goods, candles, perfume, hair and tanning product.

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“The new beauty range will be launched in October with 14 products," Mone told The Herald.

“We have been doing so much over the past two years.”

The company is also seeking to open its first stand-alone Ultimo store in the UK within two years, joining the likes of Victoria’s Secret, which will launch in the UK in 2012, and new brand Boux Avenue.

Mone added: “The first Ultimo store is on the cards within two years and that will make an enormous difference. Next year and the year after will really begin to see the full impact of all we’ve been doing.”

She said on the company’s financial performance: “I think these results are good. Things have been moving along nicely, and the profits are down a bit really because of the huge investment we’ve made into diversification over the past two years… Turnover is up 19 percent and that only reflects the wholesale sales, but the business is worth considerably more than that – the retail figure is more like three times that number.”

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