Pentland Group has reported a 14.2 percent increase in total revenues to £1.76 billion (€2.06bn-$2.68bn) in 2012, with growth of 6.3 percent excluding the results of businesses acquired in the course of the year, but the British company's profitability declined.
Revenues from direct sales and licensing income went up by 6.8 percent at the Pentland Brands unit, thanks in particular to strong performances at Speedo, Berghaus and Lacoste footwear. The group's retail division, which is essentially represented by Pentland's majority stake in JD Sports Fashion, reached sales of £1.11 billion (€1.30bn-$1.69bn), rising by 7.4 percent excluding the Blacks business acquired at the start of the year.
Operating earnings before amortization of intangible assets and exceptional items fell last year by 11.7 percent to £89 million (€104.0m-$135.3m), reflecting the impact of acquisitions and the charges associated with the restructuring of the Blacks and Millets outdoor retail chains taken over early last year by JD Sports Fashion.
The group's pre-tax profit went down by 44.6 percent to £63 million (€73.6m-$95.8m) as the operating losses and exceptional charges sustained in relation to the takeover of Blacks and Millets could not be compensated by a gain of £26 million (€30.4m-$39.5m) from the sale of Pentland's stake in Hunter Boot.
At the end of the year, Pentland had net cash of £97 million (€113.4m-$147.5m) up from £86 million at the end of 2011. Net assets increased in the course of the year by 4.4 percent to £553 million (€646.4m-$941.1m).