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Stanfords stems losses and looks to growth

Travel book retailer Stanfords has reported that its full year group sales have edged up 0.15% to £5.7 million.

GENERAL MERCHANDISE

Stanfords stems losses and looks to growth

In the year ending 31 March, the company made a loss of just under £40,000 compared to a loss of £418,000 in the previous year.

Stanfords managing director Tony Maher said: “I am extremely satisfied with the progress that we have made in my first year at the helm of this iconic business. My aim in year one was to stem our losses and generate cash from trading – something that we have managed to achieve. Year two is about growing the business and returning it to profitability. At this stage, after six months, we are on target to do that.”

Last week, the company announced a number of major new appointments to its senior team as it looks to grow the business.

Maher added: “We are working on a number of key initiatives that will strengthen the Stanfords brand and provide great opportunity for the future growth of the business.

“I would personally like to thank the team here at Stanfords for their support and commitment over the last 18 months – without their help we would not have achieved the turnaround that we are announcing today.”

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