Business
Annual report For the year ended 31 December 2023
Annual report For the year ended 31 December 2023.
About this update from Silverwood Brands Plc
[{"type":"text","content":"\n\n28 June 2024\nSILVERWOOD BRANDS PLC\nAQSE: SLWD\n(\"Silverwood\" or \"the Company\")\nAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023\n \nSilverwood Brands plc, a holding company established to invest primarily in branded consumer businesses, is pleased to announce its audited results for the year ended 31 December 2023.\n\n\n\n\nBusiness review\n\n\n\n\n \nOur trading year ending December 2023 was a period covering a drive for growth in our brands, the due diligence and investigation of new acquisitions and the frustrations of dealing with the Lush team.\n \nWhilst we will repeat some of the information provided in our Trading Update of 1st May 2024 we will also endeavour to provide details of how we perceive our brands and business.\n \nThe year saw the first full year of trading for our existing brand portfolio of Balmonds, Nailberry and Sonotas (our Japanese business comprising SteamCream and Cigarro).\n \nWe would note that our underlying brands performed in line with our expectations - that is, we do not expect a simple tidy linear pattern when growing these smaller brands. On a month to month basis, even a year to year basis, we expect a bumpy ride. However, over the longer term we expect a picture of profitable growth.\n \nOur teams remain committed to the task of delivering that growth and we continue to be impressed by their efforts.\n \nBalmonds\n \nAs mentioned in our report for the previous financial year, \"Balmonds enjoyed some well-placed press coverage during the year which gave a pleasant boost to sales. This may prove difficult to replicate….\"\n \nAnnoyingly we were unable to replicate the boost we enjoyed in 2022 and sales fell by approximately 20% on a year on year basis. We would note that 2023 still achieved a substantial uplift against 2021, which is in line with the bumpy growth patterns we expect and represents strong growth over the two year period.\n \nSales and brand contribution history has been:\n \n\n\n\n\n\n\n\n2023\n£\n\n\n2022\n£\n\n\n2021\n£\n\n\n2020\n£\n\n\n\n\nSales\n\n\n2,456,758\n\n\n3,062,027\n\n\n1,408,905\n\n\n1,420,500\n\n\n\n\nNet Profit/(Loss)\n\n\n(131,158)\n\n\n282,646\n\n\n(296,700)\n\n\n(91.618)\n\n\n\n\n \nWhilst a rebranding project has proved disruptive, we believe it will help build sales in the long term. ...