Pringle of Scotland reports resilient performance in 2024

Pringle of Scotland Limited has reported strengthening of its financial position for the 52-week period ended December 29, 2024, characterized by a rise in turnover and a return to profitability. The heritage knitwear brand, headquartered in Hawick, saw its turnover climb to 3.79 million pounds (5.11 million dollars). This increased commercial activity helped the company deliver a profit after tax of 1.49 million pounds, a substantial leap compared to the 327,000 pounds reported in the prior shortened financial year.

The board of directors, which saw the appointment of Ryan Fox in May 2024 alongside Sheila Geraghty and Menoshi Shina, remains optimistic about the brand's long-term trajectory. While historical retained earnings remain in a deficit of 113.5 million pounds, the current period's performance marks a pivotal step toward stabilizing the 200-year-old brand’s financial future.

The company officially entered a "new chapter" following its quiet acquisition by retail entrepreneur Menoshi Shina in 2023. Financial statements for the period ended 29 December 2024 confirm that Shina, who also owns Crew Clothing and the menswear chain Moss, is now the company's ultimate controlling party. The transition follows more than two decades of ownership by the family of the late Hong Kong textiles billionaire Kenneth Fang, who passed away in 2022.