Theo Paphitis’ Ryman stationery chain has reported improving top- and bottom-line trends in its recently published fiscal 2024 results.
For the 12 months ended 30 March 2024, the Ryman Limited entity – which comprises store and online operations – reported revenue of £104.6 million, down from £107.6 million in the prior-year period. However, like-for-like store sales actually increased by 2.5% to £92 million; the overall decline was attributed to deliberate actions to improve profitability in the e-commerce channel by “not chasing growth”.
There was an upswing of £3.3 million in EBITDA, which went from a loss of £1.7 million in FY23 to a profit of £1.6 million in FY24 – the first time this number has been positive since the pandemic. The company pointed to better margins and successful cost controls.
As a result, Ryman’s operating loss narrowed from £3.6 million to £0.3 million year on year.
Read more on opi.net.
