IN results filed this week, Johnstons of Elgin has disclosed a profit before tax of £3.9m on sales that were up 28% on the prior year at £66.4m.
Demand improved progressively through the year and the company exited the year with employee numbers at a similar level to before the pandemic in 2019.
The outlook for 2022 is good, with sales expected to exceed pre-pandemic levels, though there are some headwinds in terms of cost inflation that will start to filter though in the latter part of the year and into 2023.
Chris Gaffney, Chief Executive, commented: “2021 was a year of recovery for Johnstons and we are pleased to have bounced back so strongly.”
“The skill of our craftspeople and the creativity of our design team, allows us to manufacture beautiful products that live for a long time in our customers wardrobes, whilst our use of natural fibres and control of our supply chain, through our mills in Scotland, enables us to better manage our environmental and social footprint. This combination makes us a strong partner for the luxury brands we work with and an engaging consumer brand in our own right. The future is therefore positive, and we expect to continue to recruit staff and invest in additional capacity in the coming years.”
“This October will mark the 225th anniversary of the founding of the business by Alexander Johnston. We look forward to celebrating this milestone with our colleagues and partners.”
Johnstons of Elgin is a family owned manufacturer and retailer of cashmere and fine woollens.
Founded in 1797, the company runs two mills in Scotland in Elgin and Hawick. The company produce accessories, cloth and knitwear for luxury brands and under our own “Johnstons of Elgin” label. Johnstons of Elgin has retail visitor centres sited at our mills in Elgin and Hawick, a shop in St Andrews, an on-line store at www.Johnstonsofelgin.com.