Avonmouth-based Harding Brothers, a world leader in the specialised business of operating retail shops on luxury cruise ships, has rung up another good year in what seems to be a recession-proof market place.
It boosted sales from £80.6m to £99.8m in 2010. In fact, the company, which has moved its year end from the end of December to the end of February, recorded sales of £116.4m in the 14 months to February 28. However, the 2010 marine retailer of the year saw pre-tax profits slip from £2.99m in 2009 to a pro-rata figure of £2.1m in 2010 – or £2.43m to February 28, 2011, according to its latest accounts.
The group, which has virtually 100% of the market among UK-focused cruise lines and US luxury cruise operators. decided to change its financial year end from the end of December – a particularly busy trading period – to the quietest time of the year in February because this will allow more management focus on the annual business planning process, which is usually completed just before the year end and should produce "significant business benefits".
The directors expect to see "significant growth and profits" in the coming year as the full effect of earnings from outlets opened during the year under review and new openings feed through.
Harding Brothers has 120 shore-based employees in Avonmouth and 650 staff at sea selling everything from designer brands like Hermes and Chanel to luxury watches such as Rado and Chopard. Also featured are jewellery and accessories from names including Stern and Swarovski.
The firm, which will pay no dividend for the year, plans to grow even faster helped by a recent £9.5m loan arranged through Barclays Capital in Bristol.
