Harmont & Blaine's FY13 profit surged 157 percent

Fashion boutique operator Harmont & Blaine has put a golden brooch to 2013,

reporting an impressive 157 percent jump in profits year-on-year to 4.9 million euros.

"The year 2013 - said the CEO Domenico Menniti in a note - closes in a particularly positive way for Harmont & Blaine because we were able to effectively intervene on the lowest cost end due to the improved purchasing conditions and greater efficiencies in the supply of finished products, which have improved the net financial position even after the optimisation of the balance sheet."

Harmont & Blaine has closed the exercise with a turnover of 71 million euro, an increase of 17.7 percent compared to 60.3 million the previous year. These figures do not include their Swiss subsidiary H & B, better known for its Mendrisio boutique, which generated 1.2 million euros turnover in 2013.

EBITDA came in at 13.1 million euros in 2013, ahead previous year's 10.5 million euros, what means an increase of 24.7 percent and a margin on sales of 18.4 percent.