The FF Group has announced another strong year with the release of its 2016 financial results.
Sales revenue for the company which owns jewellery brands Folli Follie and Links of London, increased by 12.1% to €1.3bn (£1.1bn). The report states improved performance in all business segments of the group resulted in an increase in operating profits to €262.3m (£223m) vs €238.5m (£202m) in the same period last year (+9.9%).
Elsewhere, EBITDA (earnings before interest, taxes, depreciation and amortization) reached €291.9m, up 10.1% on the previous year. Net profits after tax and minority rights were at €222.5m (£190m).
All three of the FF Group’s business segments demonstrated strong operating performances. Revenues from the group’s jewellery, watches and accessories business increased by 14.1% to €977.8m (£833), while the department store business was up by 5.9% during the year, equating to €181.4m (£154m). The retail/wholesale of footwear and apparel reported an increase in revenue of 8.1%.
Chief executive officer the FF Group, George Koutsolioutsos, comments: “2016 was a record year for the Group. All activities have exhibited remarkable growth, whereas we expanded our footprint in new markets and we prepared the next stage of the Group development. In this respect, we are heavily investing in the digital transformation of the Group in order to adapt to the new trends in the global retail market. All these are happening in a very volatile global environment, where uncertainty prevails in all the markets we operate. In order to adapt to the new challenges of the digital era, we are reviewing our internal processes and realigning our operating model towards efficiency so as to adapt to the requirements of the new sophisticated consumer.
“We anticipate that 2017 will be another positive year, while addressing efficiently all the global challenges and we remain focused to deliver maximum value to all our stakeholders.”