Weird Fish Limited reports strong sales and profit growth in 2024
Turnover for the year improved to 42.6 million pounds and the company reported operating profit of 4.17 million pounds, profit before tax of 2.94 million pounds, while net profit rose to 2 million pounds.
The gross margin improved by 8 percentage points, reaching 63.4 percent, attributed to reduced discounting and improved intake margin. The company said in a filing with the Companies House that the company's strategic initiatives, including route to market optimization, physical expansion, and margin improvement, have contributed to this strong performance.
Weird Fish opened six new retail stores and 28 concessions during the year, alongside accelerated investment in third-party platforms including Next, Mountain warehouse, Freemans and Matalan, to expand brand awareness.
Online revenues grew by 16.8 percent to 20.9 million pounds, and the retail division saw a 7.6 percent growth to 15.6 million pounds. International revenues also increased by 8.5 percent to 1.36 million pounds, aided by the introduction of Global-e in 2024.
The company added that challenges such as the increased cost of living, inflation, and rising wage costs continue to put pressure on the business.
Looking ahead, Weird Fish plans further expansion in the UK, aiming to open an additional 10 retail sites and 15 concessions in 2025. The focus will remain on enhancing product ranges, improving margins, and investing in people and systems.
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