DIYWEEK.net

The Leekes Retail & Leisure Group has reported strong profits for its recent financial year and it looks set for a successful consecutive year too.
The group reported an annual turnover of £66m in the year ending March 31 2013; its retail, leisure and property arms of the business showed a year-on-year increase of over 7%. The group achieved profit before tax and items of nearly £850,000 and an EBITDA of £3m or 4.5% of turnover.

The retail division continued to be the strongest performing element of the group, with sales exceeding £51m. This represents an increase of 4% across its home department stores located in Wales, the midlands and the south west.

The Welsh home and garden chain's expansion of its property base between 2012 and 2013 included the launch of a £6m store in Coventry, a refurbishment of its existing Cross Hands store, and a marketing drive to support its store opening in Bilston.

Commenting on the company's successful year, managing director of Leekes' retail business, Emma Leeke, said: "The substantial investment over the last few years and recent trading figures means the directors are confident of reaping the benefit of this in the medium term as we establish our brand as the leading independent home department store in the midlands.

"The Bilston store performance has been further improved as it has benefited from the increased midlands-focused marketing spend which has helped to increase turnover in the first eight months of 2013-14 by 15%. The store has continued to deliver year-on-year sales growth since its acquisition in 2009.

"The Coventry store, which opened mid-way through the financial year, also booked £1m of sales that will be delivered and therefore contribute to the 2013-14 year.

"Across the retail division, we have seen a sales growth of nearly 15% in the first eight months of this financial year, and we are looking forward to building on this in the future as the property market shows clear signs of improvement.

"We remain committed to investment in our store portfolio and in particular we are in advanced discussions with developers about relocating our Llantrisant store to a new purpose-built store in a new town centre location."