Direct Golf UK has announced increased profit figures for the financial year of 2012/13 October/September, following extensive overhaul of its costs base.
Europe’s leading multi-channel golf retailer has seen a rise in like-for-like profits for the period October – September 2013 following a challenge from Chairman John Andrew to realign their overheads and cost base. This was achieved with annualized savings of over £1.5m.
“I have never known such tough economic times” said the Direct Golf chief. “Working in a declining and very competitive market and with margins razor thin, we had to put our overheads under the microscope earlier in the year. My experienced senior management team and I started the process of realigning our cost base. We are now reaping the rewards for that effort.”
Like-for-like profits against 2012 are up in excess of over £1 million at the retailer that boasts 20 stores nationwide and thriving internet and mail order business.
“Over the past few years we have experienced a tremendous amount of growth in terms of sales, retail sites and also our cost base, that has brought its challenges along the way. When sales are flat it’s a healthy exercise to go through on a regular basis, and we analyzed everything from head count to pagination in our catalogues, leaving no stone unturned” to ensure we remained profitable” added Andrew.
“The upshot is Direct Golf remains profitable because it ‘acted with speed’ and fully reflects my TVPS Motto (turnover is vanity, profit is sanity).” concluded Andrew.
Established in 1991 by British PGA Professional John Andrew, Direct Golf UK remains 100% privately owned by its founder.