Arts and crafts retail chain Hobbycraft is to create more stores and jobs after posting a lift in profits for the past year. The company said its adjusted pre-tax profit for the 2022 financial year was £15 million, which marks a growth from £13.8 million the previous year.
Total revenue also rose 14.8% from £176.9 million in 2021 to £203.1 million. Moving into the next financial year, the retailer is set to build three new sites, with stores in Bromborough, Merseyside; Biggleswade, Bedfordshire; and Southend, Essex; creating 40 new retail jobs.
Chief executive Dominic Jordan said the company is “incredibly well placed” moving forward, but added the 2023 financial year will be “challenging”. He said: “As we emerge from the pandemic the business is incredibly well placed to build on the excellent performance in full-year 2022, with multiple new initiatives including the new website, workshop channel, further new stores and a subscription model which launches in the coming year.
