Castore reports £28.9m loss, despite more than doubling European turnover
Castore has reported a pre-tax loss of £28.9m for the financial period ended on 4th February 2024, according the UK sportswear brand’s filing on Companies House.
Despite the overall loss, the company saw a 65% increase in sales, which were up from £115m to £190m over the last year.
Meanwhile, Castore’s gross profit rose from £80.1m to £126.5m in 2023/24.
European turnover more than doubled over the last year, increasing from £25.3m to £59.6m, while UK revenue increased from £79.8m to £106.1m.
The previous year, Castore made a profit of £14.7m before tax.
Castore cited the closure of a Milton Keynes warehouse and subsequent migration of stock to a new facility in Knowsley, Merseyside, as one of the factors in this year’s financial results. According to the company, this move took longer than anticipated.
In November 2023, the Manchester-based firm reached a valuation of almost £1bn, after generating £145m in a funding round let by Raine Capital, which also included investment from Hanaco Ventures, and Felix Capital.
Going forward, Castore’s directed have outlined plans to continue to grow the brand and expand its partnership base, while increasing its market share through grassroots sports.
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