But the company managed to report a 34% increase in pre-tax profit, reaching £15.6 million. Net profit also rose, jumping to £12.9 million from £9.4 million. 

The firm said the year was dominated by two strong themes, the first, as mentioned above, being “the restoration of our revenue position, putting us back on our expected trajectory prior to the global pandemic”. In fact, the year’s revenue figure was at a record level, albeit with that continued pressure on the gross margin. 

The second theme was the brand’s milestone 70th birthday. The landmark was celebrated with an exhibition at the Design Museum, alongside other events. 

Regardless of those one-offs, the company said 2022 was a more stable year after the dramatic impact of the pandemic in previous periods and the European disruption of Brexit

But as the margin pressure showed, the year was also clearly a challenging one. The Russian invasion of Ukraine impacted the price of doing business, as well as the disposable income, and spending habits of its customers, and the cost of living for its employees. 

Cost increases were a big issue during the year and the company also took some key decisions, such as closing its Shoreditch