Studio Retail back in black following Frasers takeover

Almost two years on from its takeover by Frasers Group and e-commerce platform Studio Retail has returned to profit.

The company, which has since changed its name to Frasers Group Financial Services Limited (FGFS), reported its full year results for the period ended April 30, 2023, when it saw its profits hit 12.5 million pounds, a significant upheaval from the prior 44.5 million pound loss it reported in 2022.

Its operating profit, meanwhile, came to 28.5 million pounds, up from the 67.4 million pound loss in the year prior, with profit before tax rising from a 75.5 million pound loss to hitting 12.1 million pounds.

FGFS’ revenue declined to 330.3 million pounds from its prior 424.4 million pounds, with its gross profit also taking a slight tumble from 119.8 million pounds to 101.9 million pounds.

During the year, however, the company said it took action to stabilise and implement improvement plans to “become stronger in future years”, which involved access to parental management guidance and economies of scale through increased intra-group volumes.

Looking ahead, FGFS said that its strategy was to continue improving this performance and market share by upping the quality of its credit product offerings and operating efficiency.

In a statement on such developments, it continued: “We will continue to invest in our products and services, including the Frasers Plus app, to ensure we are offering the best customer journey possible.

“The credit services market is expected to remain competitive, however, the directors are confident that the company’s trajectory is positive.”