Godfrey Davis, chairman and chief executive of the Mulberry Group, said in a recent statement that the company will continue to be cautious about the global economy, even with the “positive outlook” indicated in Mulberry’s latest financial report. A look at that report makes one wonder what it would take to make him really confident.
During the period from April through September 2010, the Mulberry Group’s total revenues increased by 38%, bringing the total to £44.7 million for six months. Profit before tax was up by 207%, from £1.5 million for the same period in 2009 to £4.7 million in 2010. The company’s balance sheet is showing cash reserves of £12.3 million, and no debt, a condition devoutly to be hoped for by many a government around the globe.
The only complaint would be Mulberry’s failure to meet demand, but they are working on that problem with increased production and efficiency, according to the business review provided by Mr. Davis. He said that bags and accessories still account for more than 90% of Group sales, with the Alexa handbag family joining solid successes Daria, Bayswater and Mitzy.